Friday, March 02, 2007

African Debts and Corruption

Many African countries should cut off the alarming level of corruption they suffer from before they ask for the signing off debts. The problem isn't not having debts but what can be done with the money available.

They can't have a good take off by unjustly attributing their economic and social ills on foreign debts and foreign companies which exploit their resources. They make a mess of their revenues because of corruption and embezzlement. DR Congo could have become one of the most thriving countries in Africa. But it missed it chance to be so because of the corrupt regime of Mobutu Sese Seko who ruled the country from 1965 to 1997. Then there was the civil war that ensued and which is precariously halted after the last presidential elections.

African countries need to make the most of their resources, natural and human. They shouldn't seek the generosity of foreign countries mainly those in the West and couple it with hopeful cooperation with China while waiting to have things done for them instead of learning to-do-it-yourself.

It's a good thing that Nigeria is trying to pay off its debts instead of letting them hamper their economic progress. But it must be said that Nigeria missed on the revenues it could have got from oil revenues because of incidents related to its oil industries, including accidental explosions claiming hundreds of lives and also kidnapping of oil workers forcing a slow down in production. Nigeria could have earned more from its oil when a barrel price stayed above $60 for many months.

Nigeria shouldn't let its oil be the source of social troubles. it needs good management and to put a stop to alleged embezzlement running into billions of dollars.

By signing off debts, Nigeria will only satisfy its creditors. It also needs to satisfy its 140 million population, many of whom aren't benefiting from oil benefits, especially those living in the Delta region.

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