Africa was thrust into the limelight of world attention in 1985 when an estimated two million people died from famine. Whilst this dramatic event highlighted the continent’s plight in the face of the severe drought of 1984, it also served to provide a focus on a desperate economic situation. Africa contains many of the poorest countries of the world. Thus African countries fall predominantly into the low income category of countries in the World Bank Development Report (WDR) of 19881. Furthermore, socioeconomic indicators tell a predominantly grim story of relatively high infant mortality, low life-expectancy, and low daily calorie supply per capita in many countries.
KeywordsIncome Volatility Nigeria
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- 4.African Development Bank, African Development Report, 1989.Google Scholar
- 5.The real value of Africa’s commodity exports (excluding fuel) was 26 per cent lower in 1988 than in 1980. Market shares declined for certain important commodities such as cocoa, copper, coffee and cotton. See UNCTAD Secretariat (1990), Africa’s Commodity Problems: Toward a Solution, UN. Geneva.Google Scholar