|Nigeria and three other African countries; Gabon, Ghana, and Tanzania have been featured in a research book as case studies for the development and transformative impact of the oil and gas industry on the continent.
The founder and CEO of Centurion Law Group, NJ Ayuk, an authority on the energy business and enterprise in Africa gave insights in the new book, “Big Barrels: African Oil and Gas and the Quest for Prosperity” co-authored with João Marques.
The book focuses on the misinterpreted view that energy-rich countries undeniably suffer from and often victimized by the effects of the ‘resource curse’ arguing that the reality could not be further from it.
Big Barrels reads in the introduction thus: “The evidence makes it clear that the responsible and sustainable development of these resources is not only possible, but may be the quickest and most effective route to peace and prosperity for many of these nations. The question of how this can be done is central to this book.”
Through its nine chapters, the book also looks at what these countries have done right for readers to gain an alternative view of how developing petroleum resources positively impacts the continent.
Mr. Ayuk, an outspoken champion of African entrepreneurship and leadership, describes the need to change the narrative on energy in Africa.
“The simple fact is oil and gas provide African countries with the fastest route to prosperity,” he says.
Mr. Ayuk and Mr. Marques emerge through this powerful depiction as a seminal voice for how Africa charters its course and manages its natural resources.
“Natural resources are a pedestal for building nations, building economies and building wealth”, he affirmed.
He added: “In 2017, we are forging our own ways of winning in this complex industry. Africa is not just a source of raw materials for the world. This book demonstrates the Why and How true value of oil and gas in Africa is a source of innovation and wealth (job) creation.”
Among the nine examples in the book, the authors described the rapid development of Equatorial Guinea from one of the world’s economic backwaters to a leading light in Central Africa; how Ghana turned to its active civic society to deal with its oil windfall only a few years ago; and how Tanzania is being shaped in response to global interest in its massive gas reserves.