SS3 First Term Economics Lesson Note – International Economic Organization

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WEEK 8

TOPIC: INTERNATIONAL ECONOMIC ORGANIZATION

CONTENT: 

• Historical development, Aims, Objectives and roles of the organizations
• ECOWAS, ECA, IMF, IBRD, ADB, OPEC, WACH, UNCTAD, GATT

Sup-Topic 1: Economic Organization

Several international organizations exist to encourage trade, economic co-operation and development among nations of the world. Some of these organizations have almost all the independent countries of the world as members. They include International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), African Development Bank (ADB), European Economic Community (EEC), Organization of Petroleum Exporting Countries (OPEC), United Nations Conference on trade and Development (UNCTAD), Economic Commission of Africa (ECA), West African Clearing House (WACH), etc.

ECONOMIC COMMUNITY OF WEST AFRICAN STATES (ECOWAS)

Formation: The economic community of West African States (ECOWAS) was founded on 28^th May 1975 in Lagos, Nigeria. It comprised all the 16-independent nation of West Africa. Abuja is the administrative headquarters of the community and Lome is the fund headquarters. Nigeria under the leadership of general Yakubu Gowon and Togo under President Eyadema initiated the formation of the sub-regional economic grouping. Nigeria, Ghana, The Gambia, Serria Leone and Liberia and the English speaking or Anglophone countries. Senegal, Guinea, Togo, Mali, Benin Republic, Burkinafaso, Cote de I’voire, Mauritania, and Nigeran Republic are French speaking or Francophone countries while Cape Verde and Guinea Bissau are Busophone or Portugese speaking countries.

AIMS AND OBJECTIVES OF ECOWAS

1. Co-operation and development: to promote co-operation in all field of economic activities. E.g. energy, agriculture, etc.
2. Trade liberalization: to establish a common market with the aim of liberalizing trade within the region
3. To ensure economic stability: they are also to increase and maintain economic stability with the economic
4. To abolish trade barriers and restriction: one of the aims of ECOWAS was to abolish trade barriers among the member nations
5. To foster closer relation: this could be achieved by encouraging free movement of citizens, goods and services
6. To increase production: it was formed with the hope of ensuring faster regional industrialization to promote increased production of goods.

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