Question

The current growth strategies of African countries aim to achieve the following: Integration, Industrialization and Diversification. Explain why.

Answer 1

African countries in earlier decades were considered to be the least developed economic nations. Things have evolved a lot and they are now a part of fastest growing economies.The oil and gas sector dominates the major gross domestic product, especially for countries like South Africa and Nigeria. accounting for over 95 percent of export earnings. The major stratgies of integration includes identifying the streght of being together and African countries unite themself to create better impact on their countries economy which is a good movement as they can share their capabilities can can create a coloborative environment. At the same time Industrialisation the African countries are lagging behing because lack of capable resources especially with technical and management knowhow. Diversification is done through practices of concentrating on their core competencies withAbundant natural resources can be exploited and can be utilised to increase the range of exports and goods a country produces, majorly through beneficiation and also the value addition like metal products, manufactured goods, refined petroleum products, beverage products etc. and can provide the product at much competitive price than other countries and create more value addition to the customers.