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Question 9
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State five features of the colonial economy in Nigeria.
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Another popular question and well treated by the candidates, although a few could not decode colonial economy and derailed by discussing irrelevant aspects of the colonial rule. In line with the demands of the question, the good candidates stated thus:
(I) the growth of cash crops was encouraged as well as mining of minerals;
(ii)
import and export trade was in the hands of British firms and merchants;
(iii)
there was massive importation of foreign goods;
(iv)
industries were not established to compete favorably with British home industries;
9v)
the use of British currency as a medium of exchange.
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