SS3 First Term Commerce Lesson Note – Economic Groupings in West Africa

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WEEK 10

TOPIC: ECONOMIC GROUPINGS IN WEST AFRICA

CONTENT:

History, member countries, objectives, achievement, 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

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