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economic factors (free trade blocs (example: Lekki, largest free trade…
economic factors
resource curse
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coltan mines dr congo
DR Congo still holds 65% of coltan used in global technological devices, but colonial horrors of exploitation has prevented both their past and present economic development.
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free trade blocs
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• protectionism: AGOA trade deal between the USA and SSA has created an unsustainable balance between imports and exports.
• tariffs of 7.5% on roasted coffee beans mean that Africa only earned $2.4 billion whereas Germany earned $3.8 billion. This is because they can process it and re-export it for cheaper than Africa.
• quotas - in 2017 new quotas were imposed on sugar beet in Europe to encourage productive tradw within europe, but this increases the price for Africa.
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example: Lekki, largest free trade zone in Lagos, Nigeria
16,000 hectare free trade zone that gives Chinese government greater access to a growing African market.