The main problem of African economic systems is the
Economic diversity is the shifting of a nation's flow of income from one source to multiple sources. Most African economies do not practice economic diversity and this has huge negative consequences when the existence of that only source of income is threatened. Some depend on only one of these; oil, minerals, tourism, and agriculture.
Nigeria, for instance, is an African nation that has not truly diversified its economy. Its overdependence on oil makes the government solely reliant on the proceeds of oil exportation.
The rising talk about climate change can affect this nation if other nations totally stop the importation of crude oil. The pandemic also caused inflation in this economy because the demand for oil was low at the time.
Summarily, the lack of economic diversity is the main problem of African economic systems.
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