Report Finds Oil and Gas Fail to Deliver Economic Development Across Africa
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A new report examining 13 African oil and gas producers concludes the sector fails to deliver economic development, linking boom-and-bust cycles to global price swings. The findings are released ahead of a major Africa-France Summit next week, which will bring together dozens of heads of state and business leaders.
Facts First
- Report finds oil and gas fail to deliver economic development across 13 African nations.
- Identifies Uganda, Mozambique, Namibia, Tanzania, DRC, and Côte d’Ivoire as new producers.
- Links economic instability to global price swings, citing events like the war in Iran.
- Released ahead of the Africa-France Summit expected to host over 30 African heads of state.
What Happened
A report titled 'Pipe Dreams: How Oil and Gas Fail to Deliver Economic Development in Africa' was published in Nairobi on May 8. The study, a joint publication of Oil Change International and Power Shift Africa, examined 13 oil- and gas-producing African nations. It identifies Uganda, Mozambique, Namibia, Tanzania, the Democratic Republic of the Congo, and Côte d’Ivoire as new producers. The report links economic boom-and-bust cycles in these countries to global price swings, citing the ongoing war in Iran as an example.
Why this Matters to You
The findings may influence investment and policy discussions at major international forums like the upcoming Africa-France Summit. This could affect the flow of capital and development projects across the continent, potentially shaping economic opportunities and stability in affected nations. For citizens in the identified new producer countries, the report highlights a pattern of economic vulnerability tied to volatile global markets.
What's Next
The report's conclusions are likely to be part of the dialogue at the Africa-France Summit next week, which is expected to include more than 30 African heads of state, CEOs, and other business leaders from Africa and France. The summit could serve as a platform for discussing alternative development pathways beyond reliance on fossil fuel exports.