Africa’s Petroleum Boom: Blessing or Curse?

February 26, 2016 

Mark L. Asquino: US Ambassador to Equatorial Guinea, 2012-15

Several Sub-Saharan African nations have been experiencing an unprecedented influx of riches as a result of the exportation abroad of their oil and gas.  Equatorial Guinea, where Mark Asquino was Ambassador until October, is the third largest petroleum Sub-Saharan producer today.  On the other side of the continent, the Sudan – where Ambassador Asquino previously served, is another.  The two top producers, however, are Nigeria and Angola which he will also discuss.  On the one hand, the riches accrued from petroleum exports have made these countries far wealthier than their wildest dreams.  On the other, money isn’t everything.  What are the pluses and minuses of Africa’s petroleum gold mine, who benefits, who loses and how best can these countries cope?

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