Petroleum Economist, Professor Wumi Iledare of the University of Cape Coast, has made a passionate appeal to African leaders. His message? To place greater importance on the utilization of oil and gas resources within their respective nations. This call to action is not only centered on harnessing these resources as commodities for export but also aimed at incorporating them more significantly into the domestic energy mix.
1. Petroleum Economist Professor Wumi Iledare appeals to African leaders to place more importance on the utilization of oil and gas resources within their nations.
2. His appeal is not only centered on harnessing these resources for export, but also incorporating them more significantly into the domestic energy mix.
3. His appeal comes at a time when Africa is trying to balance infrastructural growth and sustainable development.
4. He emphasizes the importance of effectively utilizing oil and gas resources to foster economic development, but also stresses on environment safety and sustainability.
5. Professor Iledare suggests strong governance and institutional frameworks to facilitate responsible resource management and prevent resource mismanagement.
According to the African Development Bank, Africa, despite being rich in oil and gas resources, imports nearly 70% of its refined petroleum products.
Professor Iledare's appeal comes at a critical juncture for Africa, as it grapples with balancing its need for infrastructural growth and sustainable development. He emphasizes the importance of effectively utilizing the continent's abundant oil and gas resources to foster economic development. However, he also cautions that this should be done in a manner that safeguards the environment and promotes sustainability. Furthermore, Professor Iledare recommends the cultivation of strong governance and institutional frameworks to facilitate responsible resource management, thus avoiding the pitfalls of resource mismanagement that have plagued many resource-rich nations.