13.11.2013 - Commodities imports pose problem for ‘destination’ Africa
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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