Overview
Rich in vast quantities of human, material, and natural resources, the developing countries of Africa are culturally, economically, and ecologically diverse. African countriesare predominantly characterized by low standard of living – albeit some countries could be classified ashaving lower-middle and upper-middlestandards of living.With an estimated population of 1.3 billion people, Africa is endowed with about 60% of the world’s arable lands, 90% of the world’s raw material reserves, and 40% of the world’s gold reserves. In addition to vast quantities of crude oil and natural gas reserves, Africa also harbours 33% and 95% of the world’s diamond and platinum reserves respectively. However, and despite its vast riches and potentials, the previous long years of military dictatorships, corruption, civil unrest, war, underdeveloped institutions, low per capital incomes, little or non-functional infrastructures, poor quality and low access to health and education, dependence on the export of raw agricultural and mineral commodities, and poor leadership remain an albatross for Africa.