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MINERAL RESOURCES AND ECONOMIC PROSPERITY – BY ‘TUNDE OLATUNJI

MINERAL RESOURCES AND ECONOMIC PROSPERITY – BY ‘TUNDE OLATUNJI

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The Democratic Republic of Congo (DRC), formerly known as Zaire, is one of the ten (10) richest countries in the world in terms of mineral resources.
The country’s mineral resources are estimated to be worth more than $24 trillion. These include the world’s largest reserves of cobalt and coltan, which is majorly used to produce capacitors for mobile phones, computers, cameras and other electronics.
Ironically, this same country is also on the list of the ten (10) poorest countries in the world with a meager GDP per Capita of $561.8 and one of the least developed countries as well.
The economy of DRC, currently below $50billion, is less than half the size of Lagos State’s economy.
According to the World Bank’s most recent data of 2018, the GDP of the United States of America is valued at $20.54trillion. That is to say, the mineral resources in one of Africa’s countries, DRC, alone are worth more than the GDP of the entire United States of America today.
MY SUBMISSION
In today’s world, economic prosperity of nations are not just by mere presence or abundance of mineral resources, not even oil and gas. Human brains remain the greatest natural resources and when they are well developed and harnessed to the fullest, nations begin to flourish.
Therefore, our greatest asset is not in crude oil, cocoa, groundnut, etc, but the people and their productive capacity powered by a creative and visionary leadership.
In subsequent write ups on Economic Perspective, I will be running a series on countries without any tangible mineral resources that are great and prosperous.

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•Olatunji is Chief Whip, Osun State House of Assembly.

About Demola Abimboye