Many resource-rich African countries make poor use of their wealth. Take Equatorial Guinea, a small oil-producing country on the continent's west coast. In 2010, an estimated 75% of the population lived on less than $700 a year, but the average per capita income was almost $35,000, the continent's highest. Instead of creating prosperity, resources have too often fostered corruption, undermined inclusive economic growth, incited armed conflict and damaged the environment.
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