Africa is generally incredibly poor, with 490 million people in extreme poverty – defined as living on less than 1.90 USD a day. However, the continent is hugely rich in natural resources. African countries have massive deposits of gold, diamonds, oil, natural gas, uranium, platinum, iron, copper, cobalt, and cocoa.
7 Reasons Africa Is Poor Despite Its Natural Resources - Global Affairs Exlained (globalaffairsexplained.com)
I think many resource-rich African countries fail to allocate resources and revenues obtained from the natural resources in a efficient manner (Dutch disease)The revenues obtained from these raw materials and natural resources can be invested wisely in high-vale added activities rather than simple extraction based activities or production of raw materials. Also government in the region should make great efforts to ensure that the revenues obtained from the natural resources are destinated for the most vulnerable population and poor households to reduce high poverty level.
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