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Improving Management of Oil Revenue during Periods of Price Booms
With more than 100 billion barrels, Africa had 9 per cent of the world’s oil reserves by the end of 2003. Half are located in North Africa. In sub-Saharan Africa, the oil-producing countries can be divided into three categories: the old ones where production is in decline (Congo, Cameroon and Gabon); those where production is still on the increase (Angola, Nigeria); and the new members of the club (Equatorial Guinea, Chad and São Tomé and Principe). However, most of these countries have suffered from the “oil curse” finding themselves heavily indebted and impoverished.

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