Economic Systems of Nigeria & South Africa

Nigeria Type of Economic System: Mixed (mostly command) CommandMarket 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%.