THE WORLD BANK HAS DISCLOSED THAT NIGERIA AND OTHER METALS AND MINERAL RESOURCE-RICH COUNTRIES IN SUB-SAHARAN AFRICA CAN DOUBLE REVENUES FROM NATURAL RESOURCES SUCH AS MINERALS, OIL, AND GAS. IN A STATEMENT ANNOUNCING THE NEW AFRICA’S RESOURCE FUTURE REPORT, THE WORLD BANK NOTED THAT THESE COUNTRIES COULD ACHIEVE DOUBLE REVENUE BY ADOPTING A BETTER SET OF POLICIES, IMPLEMENTING REFORMS, INVESTING IN BETTER FISCAL ADMINISTRATION AND PROMOTING GOOD GOVERNANCE. THE BANK ALSO RECOMMENDED FULL TAXATION OF NATURAL RESOURCES TO CHARGE THE FULL COST OF ENVIRONMENTAL AND SOCIAL IMPACTS, WHICH ARE NOT ALWAYS FULLY COVERED BY PRODUCERS, INCLUDING PETROLEUM RESOURCES NOTING THAT THE PROSPECT OF HIGHER REVENUES IS SIGNIFICANT IN COUNTRIES THAT ARE UNABLE TO MAKE NEEDED DEVELOPMENT INVESTMENTS BECAUSE OF HIGH BORROWING AND DEBT SERVICE COSTS.