Sierra Leone has responded with cautious optimism to the news that oil has been discovered off its coast, reports moneybiz.co.za.

Sierra Leone’s Information Minister Ibrahim Ben Kargbo said in an announcement that “if oil becomes a flourishing industry, all Sierra Leoneans will benefit, particularly the younger generation.” Sierra Leone is one of the world’s least-developed countries and has experienced some problems with corruption over the years.

The find was made by a multi-national consortium led by American company Anadarko. The commercial potential of the find is yet to be established.