The Economic Community of West African States (ECOWAS), yesterday revealed that significant decline in the economic activity of the West African region is primarily due to the sharp drop in the real Gross Domestic Product (GDP) of Nigeria.
While the anticipated ECOWAS development rate in 2017 is 2.2 for every penny, Nigeria’s normal development rate of 0.8 for every penny in 2017 and 1.9 for every penny in 2018 is a positive improvement because of endeavors of the Federal Government, as per the April 2017 projections of the International Monetary Fund (IMF).
Leader of the ECOWAS Commission, Marcel de Souza, who gave a report, yesterday at the First Ordinary Session of the Fourth Legislature of the ECOWAS Parliament, additionally said that a similar examination of significant African areas uncovered that West Africa was the most noticeably bad hit by the general financial downturn in Africa in 2016.
Be that as it may, ECOWAS’ genuine GDP rate remained at 0.2 for every penny in 2016 contrasted with a 3.3 for each penny increment in 2015 and 6.1 for every penny in 2014. Worldwide monetary development in 2016 declined somewhat contrasted with 2015 at 3.1per penny and 3.2 for every penny separately.
De Souza said while the stagnation of the ECOWAS economy in 2016 was because of poor execution of Nigeria’s economy, Côte d’ Ivoire had the most noteworthy development rate of 9.3 for each penny in 2016 as against 9.2 for every penny in 2015.
While the group keeps on confronting security challenges with fear monger assaults in Mali and Burkina Faso by jihadist gatherings, in Niger and Nigeria, assaults by the Boko Haram organization has kept on guaranteeing lives of a few components of safeguard and security drives and in addition regular people.
Speaker of the Parliament, Moustapha Cisse Lo lauded Nigeria and President Muhammadu Buhari for securing the discharge and safe return of the 82 Chibok school young ladies, kidnapped three years back by Boko Haram.
Senate President, Bukola Saraki, tested the parliament to substantiate itself as a successful instrument for encouraging nearer ECOWAS incorporation and improvement.
He additionally required the utilization of law as a veritable instrument for formative co-operation among Member States, while recognizing that the institutional part of the ECOWAS Parliament should be fortified the more, keeping in mind the end goal to empower it assume the significant part in the formative yearnings of the area.