This archive report was first published on 19 September 2019.
The African Union Development Agency-NEPAD is urging African countries to constructively invest in the mining sector to fuel sustainable and inclusive economic growth.
According to Estherine Fotabong, Director of Programme Innovation and Planning at AUDA-NEPAD, the mining sector is extremely valuable to Africa's countries and can be leveraged to drive economic growth.
Speaking at the 5th Regional Dialogue and Training on Contract Negotiation and Fiscal Policies in the Extractive Industries in Lusaka, Zambia, Fotabong emphasized the need for high-level coordination across government entities and stakeholders to negotiate mining contracts effectively.
She noted that transparency is key to achieving a win-win contract, where both the foreign investor and the host government, as well as local communities and civil society, perceive the investor-state relationship as fair.
With Africa home to 30% of the world's mineral reserves, 10% of the world's oil, and 8% of the world's natural gas, the continent has a significant opportunity to benefit from its extractive industries and drive social progress.
However, Fotabong highlighted the need for substantial financial resources to support investment in the sector, which is highly capital-intensive.
Published on September 19, 2019.
