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| Dr Emmanuel Kachikwu, Nigeria's Junior Oil Minister |
Africa's embattled oil
exporters will take some relief from oil cartel OPEC's production cuts and the
corresponding rise in the price of oil.
BBC Africa Live report continues:
However,
analysts warn that the price increase is by no means a cure for the economic
ills of the main producers.
The
continent's largest oil producers, Nigeria and Angola, have had a tough time of
it over the past couple of years.
As
oil prices slumped, so too did their currencies and economies, with Nigeria now
mired in recession.
And
while a 10% jump in the price of crude will help, the road to economic recovery
is long and hard.
Meanwhile,
the low price meant that the promised bonanza of oil and gas production in East
Africa failed to materialize, as exploration and development projects from
Somalia to Mozambique were put on hold.
Analysts
say the experience of the large oil producers in Africa in recent years simply
highlights the need for more economic diversity.
Having all one's eggs in one basket or, in this case, barrels of oil, does not guarantee recovery or sustainable development.
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