Which of the following is a reason for the high volume of trade between Nigeria and developed countries?
Answer Details
The correct answer is "Colonial ties."
One of the primary reasons for the high volume of trade between Nigeria and developed countries is the historical and economic ties that Nigeria shares with many of these nations. Nigeria was a British colony until it gained independence in 1960, and as a result, it has maintained strong trade relationships with the UK and other former British colonies. These relationships have been fostered over many years through cultural, social, and economic ties.
In addition, many developed countries have invested heavily in Nigeria's natural resources, such as oil, which has further strengthened the trade relationships between Nigeria and these countries. This has led to the development of a large export market for Nigerian products, such as crude oil and natural gas.
Therefore, the correct answer is "Colonial ties," as it has been a significant reason for the high volume of trade between Nigeria and developed countries.