Poverty in Africa the oil-rich Country Essay Example | Topics and Well Written Essays - 1000 words

Poverty in Africa the oil-rich Country - Essay Example Major oil producer countries in Africa are Nigeria, Angola, Sudan, equatorial, Guinea and republic of Congo. Major oil producer countries in Africa are Nigeria, Angola, Sudan, Equatorial Guinea and republic of Congo, Gabon, Cameroon, Chad. But the oil is not always a boon. It increases corruption and is responsible for grievance, relative poverty and instability. Studies have shown that countries with oil wealth in Africa grow more slowly, less equitably, more corruptly and more violently. Angola has huge oil reserves but the civil war in Africa made it hard to reach till 2002. Angola is second large producer of oil in the sub- Sahara region. But in Angola, the corrupt government officials and the well connected business man grow immensely rich using oil resources. The ruling dynasty uses oil wealth to consolidate its own position. The common man grows poorer. It is estimated that the government collected more than $10 billion in oil revenues in 2005 and this amount expected to go hi gher as the production peaks. But the riches are not evenly spread. More than 70% Angolans are still under poverty line. Nigeria is the largest oil producer in Africa and has huge oil serves but it has also set records for corruption. Nigerian government’s anticorruption wing, the economic and financial crimes commission calculates that between 1960 and 1999, the countries rulers stole $400 billion in oil reserves. In the last 47 years, Nigeria lost one million people due to civil war as they mostly fought to control oil-rich areas. It has also seen 30 years of military rules with six coups in 47 years. More than 67 percent of populations live under poverty line. Gabon was once a huge producer of oil and its oil reserves are drying up. The country still ranks 124th on human development index. Sudan has some reserves of $63 million barrels of oils but is one of the poorest countries in the world. Majority of African nations are undeveloped