sharing in governance of extractive industries
The sustainable development of oil and gas resources requires policies, principles, and practices that support the utilization of resources in a manner that does not prevent future generations from benefiting from such resources. An overview of transparency initiatives in selected African countries is provided. A panel GMM is applied to estimate the effect of governance indicators and oil revenues on GDP. The study finds that oil revenues enhance economic growth but corruption retards economic growth. It is recommended African countries should build strong governance institutions to minimise or eradicate corruption.
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