{{The International Monetary Fund (IMF) has urged African oil and gas producing nations to direct their revenue in infrastructure and education rather than on \u201cwhite elephants\u201d. }} <\/p>\n
Exploration in east and southern Africa has been high in recent months as a result of big oil and gas discoveries in Tanzania, Mozambique, Kenya and other regional countries.<\/p>\n
Ms Antoinette Sayeh, the IMF\u2019s director for Africa, said early this week that the oil and gas sector does not create as many jobs as other sectors of the economy, but if the revenues were directed to education and transport links they would help create jobs.<\/p>\n
Ms Sayeh said nations could set up sovereign wealth funds to invest for future generations and to provide cash, which could be used to help their economies navigate times of volatility in the global economy. <\/p>\n
\u201cIt is not enough just to maximise your revenues and then to spend them on white elephants, you have to really be using them wisely and leaving some of the wealth for future generations as well,\u201d she said.<\/p>\n
Ms Sayeh said the IMF is advising Mozambique, Tanzania and Niger to help them boost revenues from oil and gas exports.<\/p>\n
The Washington-based agency projected in its Regional Economic Outlook launched in Japan earlier this month that Sub-Saharan Africa will grow by 5.25 per cent this year and next, driven by robust domestic demand, investments and newly-found natural resources. <\/p>\n
Despite this forecast, there are concerns that although some of the world\u2019s fastest growing economies are African, the rapid growth rates have failed the inclusion test due to lack of jobs especially among young people.<\/p>\n","protected":false},"excerpt":{"rendered":"
{{The International Monetary Fund (IMF) has urged African oil and gas producing nations to direct their revenue in infrastructure and education rather than on \u201cwhite elephants\u201d. }} Exploration in east and southern Africa has been high in recent months as a result of big oil and gas discoveries in Tanzania, Mozambique, Kenya and other regional […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[100],"byline":[170],"hashtag":[],"class_list":["post-3768","post","type-post","status-publish","format-standard","hentry","category-business","tag-africa","byline-igihe"],"bylines":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"contributors":[{"id":170,"name":"IGIHE","slug":"igihe","description":"","image":{"id":0,"url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&f=y&r=g","alt":"Default avatar","title":"Default avatar","caption":"","mime_type":"image\/jpeg","sizes":[]},"user_id":8}],"featured_image":null,"_links":{"self":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/comments?post=3768"}],"version-history":[{"count":0,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/posts\/3768\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/media?parent=3768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/categories?post=3768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/tags?post=3768"},{"taxonomy":"byline","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/byline?post=3768"},{"taxonomy":"hashtag","embeddable":true,"href":"https:\/\/new.igihe.com\/english\/wp-json\/wp\/v2\/hashtag?post=3768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}