Why do some countries stay poor despite having abundant natural resources?

[Sticky Bomb]

I would not entirely say that the country lacks system but corruption is the right word to use in categorizing such situation.

Corruption destroys every good system. Countries currently suffering from degraded system due to corruption once had good and functional systems and most of this corruptions is as a result of conspiracies from colonial masters who uses that this to maintain control of the countries resources. Most of the resources aren't really mismanaged, but they're used to pay continued loyalty to the enemies of developing countries cum colonial masters. Many countries in Africa has managed to break a bit free from such schakles for example Niger, Mali, Burkina Faso e.t.c. Earlier before now, Niger indigenes are seen all over Nigeria begging, but I've not seen that since the military took over. Most countries can do better, but they're constrained by powers that be and cannot give their citizens the best. Funny enough those destroying them always pose as their best friends

[Razmirraz]

Corruption is like blood in the flesh that is difficult to remove, many countries have been destroyed due to the greed of politicians who openly drain state funds for personal or group interests, so that infrastructure development, health and education services are hampered. It takes a combination of clean governance, economic diversification, and strong legal institutions to transform natural resource wealth into equitable prosperity. Countries that have successfully implemented the principles of economic development and enforced the law impartially, including against corrupt officials, as China has done, have proven that natural resources can be managed to create long-term prosperity for the entire community.

[DiMarxist]

The reason why most countries which are poor despite, having enough resources is simply due to poor management and corruption. When a government is not prudent and lacks efficient planning which has to do with budget and execution of projects, poor management of resources is key and is a key factor that contributes to poor State of a nation. Secondly corruption is another big challenge that contributes to a nation been poor, when the political class is more concerned about what they can get rather than what they can contribute to their nations. It natural that these poor will reck the nation dry by looting from the treasuries.

[MRY]

The reason why most countries which are poor despite, having enough resources is simply due to poor management and corruption. When a government is not prudent and lacks efficient planning which has to do with budget and execution of projects, poor management of resources is key and is a key factor that contributes to poor State of a nation. Secondly corruption is another big challenge that contributes to a nation been poor, when the political class is more concerned about what they can get rather than what they can contribute to their nations. It natural that these poor will reck the nation dry by looting from the treasuries.

The poor countries can become the rich countries due to mismanagement of wealth by the leaders. This selfishness of rulers who like to receive, but not to give often results in the waste of public funds. It is necessary that a leader is truthful so that the money belonging to the state is not spent to enrich him/her. Corruption will be a curse that will slow the pace of an economic development of a developed nation.

[Youngrebel]

The reason why most countries which are poor despite, having enough resources is simply due to poor management and corruption. When a government is not prudent and lacks efficient planning which has to do with budget and execution of projects, poor management of resources is key and is a key factor that contributes to poor State of a nation. Secondly corruption is another big challenge that contributes to a nation been poor, when the political class is more concerned about what they can get rather than what they can contribute to their nations. It natural that these poor will reck the nation dry by looting from the treasuries.

Exactly, corruption and poor management are two of the main reasons resource rich countries remain poor and underdeveloped because even those countries that has abundant natural resources to develop the countries are not yet developed why because of weak institutions, lack of accountability, and e greedy leaders and this things can prevent those resources from benefiting the population.

[programmer3666]

Corruption:
Resource money goes to politicians and elites, not to schools, hospitals, or roads. Secret deals with contractors are common.

One-resource risk:
If the economy depends on just one resource, it crashes when prices fall.

No investment:
Investors avoid the country due to weak laws and no property rights, so no new factories are built.

The solution:
A stable government and low corruption are needed to turn resources into prosperity.

WHAT THINGS ARE NEEDED TO TURN NATURAL RESOURCES INTO PROSPERITY IN YOUR POINT OF VIEW ?

That's a million-dollar question that even the best minds are yet to solve. You see countries with oil, gold, diamonds, and gas, yet their people are still suffering. And, countries with nothing but sand and rocks are doing well. Take Nigeria my own country and Dubai for instance. Nigeria has oil, gas, solid minerals and good land for farming but yet many people are poor. Dubai had almost nothing but sand, but they used what they had wisely, invested in infrastructure, tourism and business, and now they are a global hub. One key difference is leadership and mindset. If the people in charge are only there to steal and enrich themselves, the country will stay poor no matter how rich the land is. But if they invest in in quality education, healthcare, roads and create an environment where businesses can grow, then the people will surely benefit.