• Why Africa’s oil riches don’t make Africans richer

    Posted November 1, 2007 By in Business, General With | 2 Comments

    Here’s an interesting read from Wharton School’s Knowledge network.

    But most Africans are seeing little benefit from this influx of oil drillers and investment. In fact, because of an economic paradox known as the “Resource Curse,” they are often hurt by exports of their countries’ oil. “Between 1970 and 1993, countries without oil saw their economies grow four times faster than those of countries with oil,” Ghazvinian notes, adding that oil exports inflate the value of a country’s currency, making its other exports uncompetitive. At the same time, workers flock to booming petroleum businesses, which saps other sectors of the economy. “Your country becomes import-dependent,” he says. “That decimates a country’s agriculture and traditional industries.”

    (via CB)

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  • Thanks for the link.

  • Chudeity

    From Biodun Shobanjo: ‘You’re Fired!’

    The man called ‘Godfather of Nigerian Advertising’, Biodun Shobanjo has joined the A-list cadre of business moguls like the US’ Donald Trump, the UK’s Allan Sugar and SA’s Tokyo Sexwale as a consortium of The Executive Group, Storm Vision and Bank PHB has unveiled him as CEO for The Apprentice Africa!

    The debonair icon, Biodun Shobanjo, at 63, is Chairman of the Troyka Group, which is the holding company for Nigeria’s biggest ad agency, Insight Grey, FK:G2, Optimum Exposure, Media Perpective, MediaCom, Quadrant and Halogen, employing over seven thousand Nigerian men and women.

    The Godfather is bringing this intimidating resume to bear in coaching 18 young African men and women on the principles of business, success and winning.

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