In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending. (ii) increasing price...

Assessment: JAMB UTME - Economics - 1997 Subject: Economics

Question 1 Report

In recent years, Nigeria's balance of payments has continued to register a deficit due to (i) increased government overseas' spending.

(ii) increasing prices of exports.(iii) rising import prices .(iv)more payment to overseas' investors.

Answer Details
Nigeria's balance of payments has continued to register a deficit due to various factors. One factor is the increased government spending overseas, which leads to more foreign currency leaving the country. Another factor is the rising import prices, meaning that more foreign currency is needed to pay for imports. Additionally, increasing prices of exports could also contribute to a deficit, as Nigeria earns less foreign currency for its exports. Finally, more payments to overseas investors can also contribute to a deficit. Therefore, the correct option is (iv) i, ii, iii, and iv.
Read lesson note on International Trade And Balance Of Payments (WAEC)
Read lesson note on Financial Institutions (WAEC)
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