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The future of Africa depends on this



"Mr. Ayuk's book shows how the oil and gas industry can unleash economic development and prosperity across the continent." - Sec. Gen. Barkindo
 
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 Although Africa has been an oil-market force for decades, it has lagged on natural-gas development, Ayuk points out. This needs to change, he says. While more gas exports would boost the continent's economy, the main reason he wants to see a gas-development boomis that gas would ease the continent's power shortages until renewables inevitably take over. 
     The power shortages that gas could help fix have been battering Africa's economy for decades, Ayuk laments. The main reason is that governments own most countries' utility assets, he contends. Governments that have separated power creation and distribution, and privatized it, are reducing their electricity deficits, he says. If adopted continent-wide, unbundling could go a long way toward  solving the power crunch, he asserts.   
     Ayuk is concerned about American companies' reduction in energy investment in Africa, which he ascribes to their assessment that Stateside shale prospects remain good and do not pose the risks that Africa does. He spends most of Chapter 17 making a case for why American energy companies, whose leadership and inventiveness he admires,should renew their commitment to investing on the continent.  
     "We need American oil and gas companies to continue operating in African communities and to continue hiring African people, purchasing from African suppliers, and partnering with African companies," he says. "And we need companies willing to share knowledge, technology, and best practices."     
     The bottom line, he says, is that "doing this remains very much in the interest of the American companies. They can reap tremendous financial rewards here."
     Ayuk also makes a case for Africa's oil and gas industry hiring and promoting more women. His main argument is one that you hear reverberating across the business world: Why limit your company's potential by failing to consider half of your country's human capital?
He underscores his argument by pointing to African women who have achieved petroleum-industry success, including becoming CEOs.
     Although "Billions" deals with one of world's most complex industries, it is easy to digest because Ayuk writes in a straightforward, concise and zesty style. This makes the book a joy to read. I learned a lot about Africa's oil and gas industry in "Billions" --and its prospects for the future -- and had fun while I was doing it.
 
 
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