Question 1 Report
(a) For any two of the following countries: Nigeria, Ghana, Sierra Leone and The Gambia, list
(i) two commodities exported to countries outside West Africa
(ii) two commodities imported from those foreign countries
(b) Choose one of the countries in (a) above and name three of its most active foreign customers
(c) What four measures can a country which experiences Unfavourable balance of trade take to remedy the situation?
(a) Two countries: commodities exported and imported (outside West Africa)
Nigeria
Ghana
(Sierra Leone exports diamonds and iron ore; The Gambia exports groundnuts; both import machinery and manufactured goods.)
(b) Three active foreign customers of one country
Taking Nigeria, three of its most active foreign trading partners (customers) are the United States of America, the United Kingdom and India (China, the Netherlands and Germany are also acceptable).
(c) Four measures to remedy an unfavourable balance of trade
An unfavourable (adverse) balance of trade occurs when the value of a country's imports exceeds that of its exports. To correct it a country can:
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