By EMEKA OKOROANYANWU
Ahead of the this year’s Annual General Meetings of the World Bank and International Monetary Fund (IMF) which kicks off on Thursday in Tokyo, Japan, the bank has launched a new fund to help Nigeria and other oil producing African countries level the playing field and ensure equitable deals in their natural resource contracts with international companies.
This will definitely gladden the hearts of over 40 African Finance ministers who will congregate this weekend in Tokyo, Japan for this year’s Annual General Meetings of the World Bank and the IMF. Nigeria is at present battling resistance to its Petroleum Industry Bill (PIB) that seeks to free the oil industry from the stranglehold of oppressive international oil cabals who control over 60 per cent of its oil wealth.
With Africa holding 15 per cent of the world’s oil reserves, 40per cent of its gold, and about 80per cent of the platinum group of metals, natural resources represent important development opportunities for the continent. For example, oil production has been growing steadily in Africa, and is expected to continue to rise at an average rate of six percent per year for the foreseeable future.
This follows the recent discovery of oil in many African countries of late. At the 40th Anniversary Meeting of the Zone Franc Monetary Union in Paris last week, attended by over 20 African Finance Ministers, the French government strongly supported the new fund, and encouraged other governments and donors to back the Bank initiative.
“We stand fully behind the World Bank in its efforts to help African countries secure the best-possible mineral contracts with international companies in order to promote the long-term development of their countries and the wider continent.
We urge other governments and donors to also support this new World Bank initiative,” said French Finance Minister, Pierre Moscovici. Welcoming the French government’s strong support, the World Bank’s Vice President for Africa, Makhtar Diop, said the new fund would work closely with the African Development Bank and other partners for maximum impact, and would welcome donor support to expand its reach.
“It is clear that Africa sits on top of extraordinary wealth and that these natural resources could be transformational for the continent,” said Diop. “Being able to negotiate the best-possible deals is essential for African
develop countries can not do things free but africans be careful on handle matters that are backfire in future. They are only after the natural resources.
Nigeria don’t need World Bank Fiancial assistance or loans in any form to develop the country. What we need in the last few years is the political class to remove their greedy hands on our economy.
Again we do not need World Bank to tell us that any international or local oil firm that will no take 20% deal from NNPC should leave the country. The age of 51% to 49% (+ expatriate looting) died with the 20th century.
Way to go World Bank and IMF! We hope this recent fund will help these oil producing African countries get fair deals with these companies.
http://makemoneynigeria.com/
Let us look inward and ask ourselves, why are these nations helping us despite the fact that we are not making positive change with the previous once. There is no refinnaries, no surfficient oil for local consumtion and we are making billions of dollars per day from oil.
Lets stop this obsession for money. let us emulate Mahatna Gandi.
We are noting but tool for generating wealth in their hand.
their children call us Monkies. why don’t u let us manage and make do with what we have for GOD sac.
My heart Bleed for Nigeria.