African Governments and Economies

Introduction Africa’s economies are usually weaker than those throughout the rest of the world. However, trade has somewhat made this better. Currency and exchange rates allow countries to trade goods and services.

South Africa Government The president of South Africa is chosen by the National Assembly, a legislative body that is elected by the voters.

Economy of South Africa Their economy is based on mining, agriculture services, and manufacturing. It has a strong market economy with some command characteristics. The private sector produces goods and services for domestic and international markets based on the market price system.

Economy of Nigeria Nigeria’s major industry is petroleum production followed by agriculture. 15% of its oil is exported to the United States. On the continuum, it is on the market side but more towards the command side than the above country. There is a problem with corruption, high tariffs, and imported goods. Currency here is overvalued.