(a) For any two of the following countries: Nigeria, Ghana, Sierra Leone and The Gambia, list
(b) Choose one of the countries in (a) above and name three of its most active foreign customers
(c) What four measures can a country which experiences Unfavourable balance of trade take to remedy the situation?
Explanation
(a) Nigeria -
Exports: Petroleum, Cocoa, Palm Kernel, Rubber, Tin, Columbite, Timber, Cotton. Imports: Machinery Drugs/Chemicals, Electronics, Motor vehicles, Paper, Live animals, Food such as rice, wheat, horse, dogs Ghana
Exports: Cocoa, Timber, Gold, Diamond, Manganese, Bauxite, Aluminium.Imports: Consumer goods, Machinery, Chemical/drugs, Motor vehicle, Electronics, Foods, Live animals, Sierra Leone - Exports: Iron Ore. Diamond, Bauxite, Palm produce
Imports: Machinery, Motor vehicles, Drugs/Motor, Electronics, Paper, GambiaExports: Phosphate, Groundnut oil, Groundnut cake, Cotton, Imports: Textiles, Motor vehicles, Mineral oil, Food
(b) Nigeria - Foreign Customers: U.K, USA, Netherlands, France, Italy, Brazil, Thailand, Japan.Ghana -Foreign Customers: U.K, USA, Germany, Netherlands, Italy, Japan, Sierra Leone Foreign Customers; Britain, Germany, USA, Venezuela, Japan. Gambia - Foreign Customers: Britain, France, Germany, USA, Japan, India,
(c)(i) Import restriction
(ii) Tax relief for new industries
(iii) Bilateral trade agreement
(iv) Exporting semi finished goods
(v) Creation of export processing zones
(vi) Granting loans to indigenous entrepreneurs
(vii) Manufacturing of import substitution goods
