African experts and stakeholders late Monday met for the 8th African Development Forum (ADF VIII) at the UN Economic Commission For Africa (UNECA) in Addis Ababa, Ethiopia, to deliberate on ways of addressing challenges to govern and harness natural resources to the development of the continent.

The three-day meeting is held under the theme, "Governing and Harnessing Natural Resources for Africa's Development."

The ADF VIII focuses on mineral, land, forest and fishery resources and the potential roles these resources play in the transformation of the continent.

Stating that Africa has a long way to go to harness full potential of its natural resources, Carlos Lopes, Executive Secretary of ECA, said Africa has to improve processes for accessing and extracting minerals in a way that tackles poverty reduction and promotes inter-generational equity on the continent.

"We are gearing up to cope with increasing global demand for natural resources, at a time of global concern about environmental sustainability and climate change. Our policy responses would therefore require that we change. We have to improve the processes for accessing and extracting mineral resources in a way it tackles poverty and promotes inter-generational equity," said the Executive Secretary.

He noted that global circumstances and Africa's development needs compel us to deliberate at this session on the theme of the meeting.

Aly Abou-Sabaa, Vice President of AfDB, the theme is timely as it focuses on addressing the challenge to govern and harness Africa's rich pool of natural resources to achieve a broad-based growth on the continent.

The vice president highlighted on promoting responsible investment, strengthening governance, and building capable and responsive states that the continent utilize its potential of natural resources for economic growth, poverty reduction, and sustainable development.

Indicating that private investment and know-how are essential for efficient exploitation of natural resources, the vice president noted that Africans need adequate laws and frameworks to govern natural resources' investment, combined with effective legal and regulatory enforcement mechanisms.

Speaking about strengthening governance for enhanced transparency, the vice president said, "At present, the management of natural resources in Africa is too often leading to the erosion, rather than the strengthening of trust between the citizens and the state. In order to foster trust, there is need for the state to become fully accountable for the revenues collected and how these will be spent."

Transparency can be promoted by international standards, and regulations; but it remains first and foremost a responsibility of national governments to implement effectively, he said.

He also stated that the meeting could discuss ways of having an integrated approach to natural resources management, which stimulates socially and environmentally responsible investments and delivers growth and employment.

In her remarks, Nkosazana Dlamini Zuma, Chairperson of the AU Commission, stated that the outcome of the ADF III would help to chart a path to productive and sustainable use of Africa's natural resources.

The Chairperson highlighted on the human resource development which she stated the common thread that links other resources.

"We need to develop the capacities and skills of our people- especially youth and women – to enable them be fully involved and participate effectively in all aspects of the management and the value chain of our natural resources utilization," she said.

Declaring the official opening of the ADF III, Mekonnen Manazewal, Ethiopian Minister of Industry, said infrastructure and level of Africa's human development have continued to hamper meaningful development that would make difference to poverty and underdevelopment.

Explaining about approach to Ethiopia's Growth and Transformation Plan (GTP 2010-2015), the minister noted mobilization of resources to invest in infrastructure and human resources for growth and transformation.