SS3 Commerce Lesson Note on Economic Groupings in West Africa

The website has the complete lesson note for all the subjects in secondary school but this piece showcases the SS3 Commerce Lesson Note on Economic Groupings in West Africa. You can use the website search button to filter out the subject of interest to you.

CLICK HERE to download the complete Document: DOWNLOAD HERE

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:

1. Economic Community of West African States,
2. The Lake Chad Basin Commission,
3. Niger Basin Commission
4. 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:

1. Nigeria
2. Ghana
3. Senegal
4. Niger Republic
5. Burkina Faso
6. Cape Verde
7. Benin Republic
8. Cote d’Ivoire
9. Liberia
10. Togo
11. Mali
12. Guinea Bissau
13. Sierra Leone
14. The Gambia

EVALUATION:

1. Define Economic grouping.
2. List the member countries.

AIMS AND OBJECTIVES OF ECOWAS:

The Treaty establishing ECOWAS provided the aims and objectives of the community as:

1. To expand trade.
2. Improvement of transportation.
3. Free movement of factors of production.
4. To promote economic cooperation and development.
5. To maintain economic and political stability.
6. Harmonize the agricultural policies.
7. To foster closer relationship among member countries.
8. To contribute to the industrial development.
9. Harmonize monetary policies among its members.

Click on the Downloadable Button to get the FULL NOTE