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A major goal of African nations is reducing economic dependence. Because they rely heavily on the export of a single crop or commodity, they are at the mercy of world market prices. African nations, such as Egypt and Kenya, have tried to diversify their exports, but they face stiff competition from developing nations in Asia and Latin America. African nations have tried to limit costly imports. But this has proved difficult for essential imports. For example, only a few African nation- Nigeria, Libya, and Gabon- produce enough oil for their factories and transportation systems. The others must buy imported oil. When world oil prices soar, most African nations must borrow money to pay for the oil. Like other nations, they have had difficulty repaying their debts. Despite these problems, many African nations have made economic progress in recent years. The recovery remains fragile, however. The African people are often hurt by events outside their control. Debt, drought, disease, civil war, and international conflict all work against economic progress.
Elias Wolf
Wiki User
∙ 11y agoA major goal of African nations is reducing economic dependence. Because they rely heavily on the export of a single crop or commodity, they are at the mercy of world market prices. African nations, such as Egypt and Kenya, have tried to diversify their exports, but they face stiff competition from developing nations in Asia and Latin America. African nations have tried to limit costly imports. But this has proved difficult for essential imports. For example, only a few African nation- Nigeria, Libya, and Gabon- produce enough oil for their factories and transportation systems. The others must buy imported oil. When world oil prices soar, most African nations must borrow money to pay for the oil. Like other nations, they have had difficulty repaying their debts. Despite these problems, many African nations have made economic progress in recent years. The recovery remains fragile, however. The African people are often hurt by events outside their control. Debt, drought, disease, civil war, and international conflict all work against economic progress.
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What is the main problem of African economic systems?
Lack of economic diversity that is all nothing else
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A big problem challenging the economies of many African nations today is?
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D. economic growth has not kept pace with population growth
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Define the economic problem?
define economic problem
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What is economic consequences?
the consequences of the economic problem
