Services, which are underdeveloped, could accelerate their diversification.
The economic diversification efforts made for several years in Africa are slow to bear fruit. Exports are still far too focused on commodities in agriculture, oil and mining, says a report by the United Nations National Conference for Trade and Development (UNCTAD). Of the 54 countries on the continent, 45 are very dependent on it.
UNCTAD, which considers that a country is dependent on primary products when they represent more than 60% of total exports, points to 11 particularly dependent states. This is the case for Angola, Congo, Gabon, Libya, Nigeria or Chad on oil, Guinea-Bissau on agriculture (fruits and nuts) or Botswana on mining products, especially precious stones. “Commodity dependence has left economies vulnerable to global shocks and hampered inclusive development for too long“, deplores the general secretary…
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