Browsing: Exclusive Economic Zone

Africa’s marine and terrestrial natural resources are enormous but most of these riches have not been fully utilized which limit their potential to transform the continent’s economy.

The AUDA-Nepad notes that thirty-eight of Africa’s 54 states are coastal and Africa’s lake zones are estimated to cover approximately 240,000 sq km while its transboundary river basins cover 64 per cent of the continent’s land area. The African Union (AU) highlights that over 90 per cent of Africa’s imports and exports were transported by sea, making the continent a strategic gateway for both regional and international trade.

With the vast ocean and lake resources at Africa’s disposal, African countries have an enormous opportunity to diversify their economies which will help address the risks of relying on specific economic sectors whose consequences are largely limiting to the chances of promoting socio-economic development.

Read: Africa’s recovery pathway offers enormous opportunities, African Development Bank head