Bottom of the Barrel: Africa's Oil Boom and the Poor
Publisher: Ian Gary and Terry Lynn Karl, Catholic Relief Service
Date: 2003
Topics: Extractive Resources
Countries: Angola, Chad, Congo (Republic), Gabon, Nigeria
To improve outcomes for the poor, all actors need to change some of their practices and work together in a more concerted manner. Unless the main players in the oil story make specific policy changes, more fully described in the report’s conclusion, Africa’s oil boom is unlikely to foster any significant poverty reduction. Instead, oil riches most probably will continue to produce corruption and mismanagement, environmental destruction, human rights violations, and conflict. It is urgent that improvements be made now to emphasize transparency and fairness, the construction of capable and accountable institutions, and the respect for human rights and the promotion of democratic space in oil-producing countries.