Natural Resources: Sub-Saharan Africa

Africa is the world’s second-largest and second-most populous continent. In measure of wealth it is one of the wealthiest continents in terms as natural resources. Although Africa’s abundant amount of natural resources, it remains the world’s poorest and most underdeveloped continent. This could be a result of many things such as corruption within the government, failure in central planning, and lack of access to foreign capital. Sub-Saharan Africa is the least successful region in the world in reducing poverty. The continent is always under constant tribal and military conflict so it can not work together for a common goal much like the United States. By comparing and contrasting the control of natural resources and mineral that many African
The first thing to take a look at is the rights to resources. This shows the principal national laws governing natural resources and minerals. Looking into the first country, South Africa does provide laws to the state or part of the public domain. South Africa is on of the wealthiest countries in terms of natural resources. “Agriculture and mining industry are important to the economy of every country. Both industries sustains the overall industry and provides products that can be exported for wealth” (msnucleus, pg 1).It is the leading mining country. With it being known for it mineral resources, South Africa is a large portion of the world’s reserves. The reserves are estimated to be around $2.5 trillion. They have the largest platinum and manganese reserves in the world. South Africa produces more than 10% of the world’s
The Texas oil boom, also known as gusher age, was a period of dramatic change and economic growth in the U.S. state of Texas. There was a large amount of petroleum found near Beaumont, Texas. The externality, which is the uncompensated impact of one person’s action on the well-being of a bystander. In Texas case, the boom in the oil industry also helped promote other industries in other areas of the state. The lumber production increased as the demand rose for construction of railroads, refineries, and oil derricks, and, in 1907, Texas was the third largest lumber producer in the United States. Growing cities required many new homes and buildings, thus benefiting the construction industry. Agriculture and ranching grew stronger as the rapidly expanding population created more demand for their produce. In the case of Nigeria, Tragedy of the Commons is taking affect. When the oil first sprouted a few people shared the land and it resource. The activities of large oil corporations such as Mobil, Chevron, Shell, Elf, Agip etc have raised many concerns and criticisms. A series of repressive and corrupt governments in Nigeria have been supported and maintained by western governments and oil corporations. Seeking the benefits from the fossil fuel that can be exploited. As people and transnational oil corporations have been fighting over this resource in the delta region, immense poverty and environmental destruction have