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{
    "id": 491300,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/491300/?format=api",
    "text_counter": 173,
    "type": "other",
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    "speaker": null,
    "content": "Committee because we recognized that there are shared resources. That is why I would want to urge that as we debate this Bill, we should tell our people that we need to manage expectations. Why should we manage expectations? In Turkana County where oil has been discovered and there is a lot of exploration going on, if the expectations of such a community are not managed, then the whole process can end up being another replication of what we have seen happening in other countries in Africa like Nigeria and Algeria which have fallen victim of a blessing in the form of natural resources. Madam Temporary Speaker, I would want to conclude my remarks by saying that the need and necessity as addressed in that Bill should ensure that catering or caring for our people does not become a scare to investors. We should talk to our people and tell them not to expect too much. There has been a temperament in-between. We have to tell our people that although investors come to the community to exploit natural resources, there has been an act of balancing. In a conference that we attended, we interacted with some investors and they had a story to tell about the difficulties they encounter. There is a company called Woodside which prospects for coal and other minerals in Australia. They told of a story of how they prospected for oil in Kenya and after digging one well, they had to close shop, count their losses and go. The reason is that the demands they were getting from the local leaders and the expectations from the community were unmanageable. Fortunately, and we thank God for that, another company came and discovered oil. Supposing that story was in another area where a community was expected to benefit, they could sit on that prospect due to over-expectations. Recently, I paid a visit to the County of Kitui, Mui Basin, where a lot of coal has been discovered. When you listen to the locals, there is no story of joy and jubilation. There are complaints because of over-expectation. This is something that needs to be addressed. Madam Temporary Speaker, there are countries in this world, for example, Norway which has harnessed and managed natural resources through sound legislation including putting to pen and paper the rates and ratios of compensation. Norway has the largest sovereign fund in the world. I had the good luck and opportunity of sitting with the Prime Minister of Norway when she passed through this country. She told me that the sovereign fund in Norway is in excess of US$500 billion. Norway also owns states and states of investments including in the heart of London. This money pays itself back and the country only benefits from the interest or from the spoils of those investments. As a country, we can follow such a path to prosperity. As we are sitting in this first Senate of this country, we can chat away forward for our people, for our country and ensure that natural resources in this country are going to be a blessing to the people of Kenya. With those few remarks, I beg to support."
}