Noted international economist Zambian Dr. Dambisa Moyo offers a poignant point. She argues that since the 1960s, nearly a trillion dollars has been poured on Africa. However, there is nothing to show for it. All the money has dissipated in corruption and other leaks.
Why can't Africa be self reliant? The fact is that we have got huge mineral resources that if well utilised, could provide us with more than enough to take care of us. However, this is not happening. Take Nigeria for example, it is Africa's largest oil producer. And yet, the oil revenues aren't helping Nigeria at all. Oil prices are high, and wonder of all wonders, the country experiences constant electricity blackouts, quite an anomaly for an oil producing country. Let's take an example of another oil producer- Norway. In Norway, every citizen is guaranteed an income of $200,000 from oil, thanks to the prudent management of oil revenues.
Africa can be self reliant. We don't need to depend on the IMF and the World Bank. We don't need to depend on China, which has saddled us with debts that even our grandchildren cannot pay.
What's more, the aid money still goes to the donors as the conditions usually stipulate that their companies be given the contracts. For instance, if you are receiving a loan from China to construct a road, one of the conditions is that it is the Chinese firm that must build the road. Local engineers are reduced to mere Messengers for the company with no skills transfer at all. This must stop. Read More Articles. Click Here
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