A year ago, Africa appeared on the verge of a fossil fuel windfall, and the conversation in development circles centered on how to ensure that projected bounty would benefit citizens and communities on a continent where resource wealth has struggled to trickle down.
But since March 2014, the price of oil has fallen from about $90 a barrel to just over $45, and the story about sub-Saharan Africa’s energy development future has changed with it.
The enthusiasm accompanying new oil discoveries in sub-Saharan Africa has turned into a “cruel” reality check for some of the most hopeful energy speculators, said Phillip van Niekerk, managing director of Calabar Consulting and former editor of South Africa’s Mail & Guardian newspaper, at a Wilson Center panel on energy security in Africa Tuesday.
About the author
Michael Igoe@AlterIgoe
Michael Igoe is a Senior Reporter with Devex, based in Washington, D.C. He covers U.S. foreign aid, global health, climate change, and development finance. Prior to joining Devex, Michael researched water management and climate change adaptation in post-Soviet Central Asia, where he also wrote for EurasiaNet. Michael earned his bachelor's degree from Bowdoin College, where he majored in Russian, and his master’s degree from the University of Montana, where he studied international conservation and development.
