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In today’s class, we will be talking about economic groupings in West Africa. Enjoy the class!
Economic Groupings in West Africa
CONTENT
- Economic Community of West African State.
- Niger Basin Commission
- Lake Chad Basin Commission
Economic Community of West African States (ECOWAS)
ECOWAS was established on May 28th, 1975 after the treaty establishing it was signed in Lagos, Nigeria. The member countries of ECOWAS are:
- Sierra Leone
- The Gambia
- Cape Verde
- Guinea
- Guinea Bissau
- Cote D’Ivoire
- Liberia
- Burkina Faso
- Mali
- Mauritania
- Niger
- Nigeria
- Senegal
- Benin
- Togo
Aims and objectives of ECOWAS
- Promotion of co-operation and development among member countries.
- Abolition of trade restriction among member countries.
- Establishment of common tariff against the rest of the world.
- Removal of all obstacles to the free movement of goods persons and capital among member countries.
- Harmonization of agricultural policies
- Implementation of infrastructural schemes and joint developmental projects in the area of transportation, energy etc.
- Harmonization of monetary policies of member countries
- Harmonization of economic and industrial policies among member countries
- To establish a common fund for co-operation, compensation and development.
Achievement of ECOWAS
- Expansion of the market for goods.
- Reduction in tariff between member countries.
- Execution of joint projects e.g. road.
- Establishment of ECOMOG to ensure peace and security in the sub-region.
- Fostering of unity and sense of belonging.
- Free movement i.e. enhanced mobility of labour and capital.
- Enhanced efficiency due to increased competition.
Evaluation
- List five member countries of ECOWAS.
- State ten objectives of ECOWAS.
In our next class, we will be talking more about Economic Groupings in West Africa. We hope you enjoyed the class.
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