While many Africans will point out corruption as the major cause of Africa's undevelopment,i personally think it is lack of foresight and good planning skills coupled with greed.
This extract reaffirms my thoughts.


“An Asian and an African become friends
while they are both attending graduate
school in the West. Years later, they each
rise to become the finance minister of their
respective countries. One day, the African
ventures into Asia to visit his old friend,
and is startled by the Asian’s palatial home,
the three Mercedes-Benzes in the circular
drive, the swimming pool, the servants.
‘My God!’ the African exclaims, ‘We were
just poor students before! How on earth can
you now afford all this?’
And the Asian takes his African friend to the
window and points to a sparkling new
elevated highway in the distance. ‘You see
that toll road?’ says the Asian, and then he
proudly taps himself on the chest. ‘Ten
percent.’ And the African nods approvingly.
A few years later, the Asian ventures to
Africa, to return the visit to his old friend.
He finds the African living in a massive
estate sprawling over several acres. There’s
a fleet of dozens of Mercedes-Benzes in the
driveway, an indoor pool and tennis courts,
an army of uniformed chauffeurs and
servants. ‘My God!’ says the Asian. ‘How on
earth do you afford all this?’

This time the African takes his Asian friend
to the window and points. ‘You see that
highway?’ he asks. But the Asian look and
sees nothing, just an open field with a few
cows grazing.

‘I don’t see any highway,’ the Asian says,
straining his eyes.

At this, the African smiles, taps himself on
the chest, and boasts, ‘One hundred
percent!’ ”