New From CFR: Petroleum to the People
Development Channel Staff
September 9, 2013
Nigerians scoop petrol after a Nigerian National Petroleum Corporation pipeline burst in April 2006 (Courtesy Reuters).
In a recent Foreign Affairs article, Larry Diamond and Jack Mosbacher discuss Africa’s resource curse and development strategies that could help avoid it. The authors argue:
The influx of funds from new oil discoveries will be so large that if properly managed, it could catapult developing countries into genuine economic and social development. By taking control of these revenues out of the hands of the political elite and restoring the link between citizens and their public officials, this “oil to cash” strategy offers the best hope for tomorrow’s oil-rich African nations to avoid the fate that has befallen so many of yesterday’s.
Read the full article here.
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