GROWTH DECLINE IN SUB SAHARA AFRICA

GROWTH DECLINE IN SUB SAHARA AFRICA Some States in Nigeria produce high quantities and good quality agricultural commodities notably beniseed, castor oil, cotton seeds, garlic, ginger, groundnuts, palm kernels, cashew nuts including chillies in herbs and spices which attract consumers trading through famous international ports, Rotterdam and Europe as well as through other large ports based in the United Kingdom, Gulf States and Australia. Falling commodity prices have impacted negatively on the economy of Sub Sahara Africa thereby reversing growth predictions enunciated during the last few years. Crude oil price crashed while the benefits of mineral commodities are undoubtedly slow in realisation in spite of dramatic price rise in gold, silver and nickel. While energy markets had hitherto supported the growth of many Sub Sahara Banks, the latter are not adept at trading in metals. Activities associated with gold and silver futures, selling derivatives and hedging on metal backed exchange traded products have subsisted as strategic policy option for the Finance Services sector in advanced economies. Indeed Central Banks sustain enormous levels of gold bullion reserves with implication for dramatic upsurge in the price of the monetary metal as occurred during the rare but brief uncertainty created by Brexit. Argument for the growing young population in Sub Sahara Africa with implication for massive market expansion that may arise from enhanced purchasing power of an upward mobile socio-economic group may not be sustainable without positive input from proactive selfless leadership focused on rapid growth and development of countries in this large part of the continent. Dearth of quality of leadership apparently persists as impediment to accelerated growth. Monetary metals, gold, silver, platinum and even nickel create viable window for investors confronting debilitating devaluation. Absence of investment alternatives increases the volume of capital flight capable of wreaking enormous havoc on emerging and weak economies. On the other hand, diversification into high yielding mineral sector with rapid infrastructure investment delivered through urban renewal and ubiquitous road network supporting inter-r state market access will instil confidence in forecasts for sustainable rise in economic fortune of Sub Sahara Africa. Hammid Taju.