Economic Systems of Nigeria South Africa Nigeria Type

Economic Systems of Nigeria & South Africa

Nigeria • Type of Economic System: Mixed (slightly market - 55) Command Market • Economy focuses on exporting OIL! • Corrupt government keeps the economy from becoming better • Most Nigerians live in poverty and suffer from famine

South Africa • Type of Economic System: Mixed (mostly market) Command Market • Most developed economy in Africa! • Economy focuses on exporting DIAMONDS, found through mining • White population is still much wealthier than the black population …… **This is a result of APARTHEID**

Improving Economies… What are ways that countries in Africa can improve their economies? �Investment in Human Capital (workers) Through education Better benefits �Investment in Capital goods New technology New machinery Southern African Development Community (SADC) � 9 South African countries came together in 1980 to help financial growth The Economic Community of West African States (ECOWAS) �Created in 1975 to raise the standard of living and stability in West African countries

~Literacy Rates in Africa~ • Usually lower for women than men in Africa. • Girls have to do farm work, gather water, etc. • Higher Literacy rates = higher GDP & higher STANDARD OF LIVING • Literacy rates in Africa are on average about 50% which is LOW! • Remember that literacy rates affect not only an individual, but also their community. • Sudan and Egypt both have a literacy rate of only 51% • South Africa, the most developed country in Africa, only has a literacy rate of 83%.