About 3.5 billion people live in countries rich in oil, gas or minerals, but all too often, these resources have become a source of conflict rather than opportunity. Many of these countries also suffer from poverty, corruption and conflict stemming from weak governance. This must change, especially as some of the world’s lowest-income countries have abundant resources. Non-renewable mineral resources play a dominant role in 81 countries, which collectively account for a quarter of world GDP, half of the world’s population and nearly 70% of those in extreme poverty. Africa is home to about 30% of the world’s mineral reserves, 10% of the world’s oil, and 8% of the world’s natural gas.
The World Bank Group’s involvement in extractive industries seeks to help countries seize opportunities they offer for development, poverty reduction and boosting shared prosperity. Most World Bank Group interventions in extractive industries are in the governance area, to encourage transparent management of extractive industry revenues so that they provide benefits for local people, and so that the industries themselves respect local community needs and the environment.
Last Updated: Apr 02,2015