Development economics is one of the most crucial aspects ofdeveloping countries and improving economies. It considers promotingeconomic growth in such countries by improving factors likeeducation, health working conditions, domestic or internationalpolicies and market conditions. Through development economics,macroeconomic and microeconomic factors are examined as well as howthey can structure developing an economy to create effective andinternational growth. Since development economics seeks to determinehow developing countries can be transformed to prosperous ones, it isvery vital for new discoveries to be made in such countries to comeup with strategies of transforming a developing economy to adeveloped one.
One of the most recently discovered wonders that could transform theeconomy of a developing country is oil in Turkana. In the midst ofthe dry and famine, struck county of Turkana in Kenya lays a massivewonder of the world that could solve many energy problems in thecountry and the entire world (Wamaitha.com). Turkana is located inone of Africa’s developing countries Kenya and has been ratedamongst the poorest counties due the famine and desertification ofthe region. With the discovery of oil from the husked, dry land ofTurkana, the economy of Kenya will change massively. The massivewonder of oil discovery has not been estimated and could be anythingfrom much to more. The value of oil in these hard economic times isnothing short of great value asserts Caryle (1).
The oil in Turkana deserves to be discovered as a key pillar oftransforming development economics in Kenya. Oil has great value andprobably improve the economy of Kenya through lifting it from itspoverty level to a wealthy nation. According to Tordo et al. (23),oil is a treasure that can transform the lives of many people andchange the image of its place of discovery completely if utilizedwell. Since development economics explains why some countries likedeveloping ones are poor and others rich, it will be usefulstrategies to help utilize the oil in a way that it promotes Kenya’sincome from a low one to a high-income country. Turkana is a countyin a developing country and all that is needed is proper technologyto retrieve the oil and convert it into useful energy. However,getting the machineries to drill and bring up the oil from its groundsurface is a major challenge. With possible aid from developedcountries, Kenya can benefit largely and change its status fromdeveloping to developed country. Past records reveal that countrieswith oil are amongst the wealthiest nations on earth. The Middle Eastfor example, is a reservoir of oil with most of its countries whereoil was discovered swimming in total wealth. Such countries havedeveloped economies and enjoy high incomes.
There is a dire need to assist on the recent discover for it tobenefit its country and the entire world. Oil is not only anexpensive commodity but a fortune that is on high demand. Its valueafter and before processing cannot be estimated but is massive.According to Irungu (1), the total number of oil barrels discoveredin Turkana are 1.3 barrels. In this time when energy and electricityis a basic need for human and industrial functions, oil can workwonders in supplying required energy for electricity and runningmachines. It is also needed to run automobiles and other machineries.Oil is also useful for other functions like cooking once refined.With oil, a country can change its economic status from bad to goodovernight. Sadly, without enough resources the oil wonder can remainstagnant for years in a developing country as means of retrieving itare yet to be invented.
Carlyle, Ryan. How big are the currently known oil reserves andwhat are the chances of finding new ones? Forbes, 2013 fromhttp://www.forbes.com/sites/quora/2013/03/27/how-big- are-the-currently-known-oil-reserves-and-what-are-the-chances-of-finding-new-ones/
Irungu, Geoffrey. Africa oil raises estimates to 1.3 bn barrels,Business daily, money market, 2014 fromhttp://www.businessdailyafrica.com/Africa-Oil-raises-Turkana-estimates-to-1- 3bn-barrels/-/539552/2461810/-/fhowmvz/-/index.html
Tordo,Silvana, Brandon S. Tracy, and Noora Arfaa. NationalOil Companies and Value Creation.Washington, D.C: World Bank, 2011. Print.
Wamaitha.com (2012). “The county of Turkana hidden in you,”Success consciousness for parents, Wordpess, Nairobi, Kenya,from http://www.wamaitha.com/993/county-turkana- hidden-you/