Three steps to support good governance
The oil and gas industry should take action to improve governance and promote sustainable development in Africa
Oil not only has economic value, it has profound influence over power relations and governance in oil-rich countries. My recent research, Resource Discovery and the Political Fortunes of National Leaders, tracks the political fortunes of 1,255 national leaders in 158 countries from 1950 to 2010. It finds that a giant oil discovery in the sixth year of an autocratic leader’s reign who entered office at the age of 55 would on average increase his or her tenure by six years. The effect is even more pronounced in Africa, where the average autocratic leader’s tenure could increase by eight years. The research indicates oil has more political currency for autocrats than minerals, and this is funda
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