Quick View: Export Promotion and Economic Growth It is becoming even more critical for Sub-Saharan Africa to speed its export diversification if we are to push back the on-going effects of declining commodity prices. on on-going growth rates and expand mass participation in the economic development process in what's now called inclusive growth. Mineral, especially crude oil export revenues have dropped well below many previous psychological barriers, as the United States, the largest economy in the world continues to search for ways of reducing dependency on energy imports. For example, in 2012 Sub-Saharan Africa's exports to the United States decreased 33.2% (about $24.7 billion) to $49.6 billion from 2011. To be dynamic, Sub-Saharan African countries would need to greatly diversify their exports. Therefore for non-oil export promotion and economic diversification increased attention would have to paid to community economic competitiveness with emphasis on the development of physical and social infrastructure, including investments in roads and energy infrastructure, education and health services. In Nigeria, the development of capital-intensive industries that utilize the nation's comparative advantage in hydrocarbon resources would be imperative. These industries would include fertilizer and petrochemicals to produce products including, detergents, adhesives, plastics, fibers, lubricants and gels. Of course, given other endowments in the country, potential exportables would include agricultural and food products, cement, construction materials, electrical products, textiles, clothing, furniture and household items.
Posted: Nov 23rd, 2015 @ 09:55:56 AM