Africa has been called "one of the most resource-rich destinations on earth" but its people have not historically been among the among the most prosperous on earth. Thanks to a period of relative peace and stability (see yesterday's post), however, African nations have seen good economic growth in the last decade.
Oil and gas have fueled economic boom on the east coast. About three quarters of the world's rhodium and platinum come from Africa and are essential to the catalytic converter in our cars. Cobalt is used in electronic devices and in batteries, and Africa provides 58% of the world's needs.
Africa has always been rich in natural resources. But until they are developed, retrieved from the ground, refined into something people can use, the natural resources might as well not be there. Businesses must be started or imported which can develop this abundance.
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