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Commodities imports pose problem for ‘destination’ Africa

Posted on 13 November 2013

First, the growth in demand for commodities is because many African governments subsidise basic commodities such as petrol and wheat. Second, a country such as Nigeria produces 2.5m barrels of crude oil per day, consumes 300,000b/d but imports about 80 per cent of its refined products from the commodities trading houses.
Third, until the early 1970s, Nigeria was self-sufficient in rice, but it abandoned production, using petrodollars to buy rice on the international market………………………………………..Full Article: Source


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