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TOPIC: ECONOMIC GROUPINGS IN WEST AFRICA
CONTENT:
History, member countries, objectives, achievements, problems
MEANING OF ECONOMIC GROUPING
Economic grouping may be defined as the coming together of different Countries with a common economic interest and goals with a view to promoting economic cooperation and development among member States. It also protects and promotes the economic and business interest of members as well as stimulating the socio-economic cum cultural development and cooperation among members.
In the West African sub-region, some of the economic groupings in existence include:
- Economic Community of West African States,
- The Lake Chad Basin Commission,
- Niger Basin Commission
- West African Clearing House etc.
ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS):
FORMATION
Economic Community of West African States (ECOWAS) was formed purposely to promote cooperation, development and economic integration of the West African sub-region. ECOWAS was established on May, 1975, by the signing of the TREATY by fifteen West African Nations.
ECOWAS MEMBER COUNTRIES:
- Nigeria
- Ghana
- Senegal
- Niger Republic
- Burkina Faso
- Cape Verde
- Benin Republic
- Cote d’Ivoire
- Liberia
- Togo
- Mali
- Guinea Bissau
- Sierra Leone
- The Gambia
EVALUATION:
- Define Economic grouping.
- List the member countries.
AIMS AND OBJECTIVES OF ECOWAS:
The Treaty establishing ECOWAS provided the aims and objectives of the community as:
- To expand trade.
- Improvement of transportation.
- Free movement of factors of production.
- To promote economic cooperation and development.
- To maintain economic and political stability.
- Harmonize the agricultural policies.
- To foster closer relationship among member countries.
- To contribute to the industrial development.
- Harmonize monetary policies among its members.
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