All the world's continents have diverse natural resources, but Africa has the richest concentration of natural resources such as oil, copper, diamonds, bauxite, lithium, gold, hardwood forests and tropical fruits.
It is estimated that 30% of the mineral resources extracted from the earth are on the African continent, and in addition, Africa has the largest reserves of precious metals in the world.
Despite the huge wealth of natural resources present in Africa, unfortunately Africa still lags behind in general development among all the continents, due to corruption and mismanagement of those resources.
Unlike other continents, Africa has a wealth of precious natural resources, and most of these commodities are highly sought after all over the world. Although all these commodities are naturally present on the continent, most African countries derive very little benefits from these resources.
The main reason for this is the high levels of corruption and the lack of policies related to wealth management. Poor resource allocation and exploitation and political instability are some of the factors affecting the continent. These problems must be addressed to enable African countries to benefit from the abundant resources in their hands.
Oil resources
It is estimated that 12% of the oil produced in the world comes from Africa. The oil was formed over a period of more than a million years when fossils decomposed.
The countries that lead oil production in Africa are Nigeria, Libya, Angola, Algeria and Egypt. These countries accounted for more than 8.7 million barrels of oil produced per day, according to the latest statistics issued in 2014.
Most of the oil produced in Africa is exported to Europe and the United States where it is refined and consumed.
Resources of precious metals
Africa has the world's richest reserves of precious metals such as gold, cobalt and platinum.
These mineral reserves are estimated at billions of dollars. The continent is the main producer of the high-priced metallic gold. Gold is used in the manufacture of expensive jewelry, as well as gold is used in the financial markets, where it is used as an alternative investment option. Gold is also considered one of the safe havens for investors because it retains its value.
South Africa is the largest gold producing country in Africa. Other African countries that lead in gold production include Benin, Morocco and The Gambia. Cobalt is another precious metal produced mainly on the continent. An essential commodity in the production of electric cars. Nearly two-thirds of the world's cobalt is produced in the Democratic Republic of the Congo. Platinum is one of the rarest metals, with the largest reserves in South Africa. Platinum is used to make jewelry, electronics, and medical equipment.
Natural wood resources
Sawn lumber is an essential resource in the construction and furniture industries. In fact, most African countries are rich in vast natural forests with the best wood available.
The top ten wood producing countries, which are also members of the International Tropical Timber Organization, are Cameroon, Gabon, Togo, Liberia, Côte d'Ivoire, Nigeria, the Democratic Republic of the Congo and Ghana. These countries are some of the world's leading timber producers. Most of the timber produced in Africa is exported to China, England, France and the United States.
