Wednesday, 5 October 2016

How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS

The current economic recession in Nigeria is affecting not just the country but other countries in West Africa.

Speaking on this Mr Marcel de Souza, the President of the ECOWAS commission, said that the recession being experienced in Nigeria has a negative impact on the sub-region’s overall economic performance.
While presenting the community status report at the ongoing second ordinary session of the ECOWAS Parliament in Abuja on Tuesday, October 4, De Souza who was represented by the commission’s vice president, Mr Edward Singhateh revealed this.

He also revealed how Nigeria’s recession was affecting the general Gross Domestic Product (GDP),
saying that the sub-region’s GDP had declined to three per cent in 2016 from 5.6 per cent in 2013.
Since Nigeria’s economy represents two thirds of the sub-region’s GDP, this was to be expected. He also explained that Nigeria’s GDP had dropped to 2.3 per cent in 2016 from 5.4 per cent in 2013, one of the lowest in the sub-region.

Speaking on the reason behind the reduction, De Souza explained that the drop in Nigeria’s growth rate was due to the reduction in oil prices.

He said that The Gambia also had a reduction in its growth rate to 2.3 per cent from 4.8 per cent in 2013. Liberia and Cape Verde, he said, had a growth rate of 2.5 and 2.9 per cent respectively from 8.1 and one per cent respectively.

Cote d’Ivoire was the member state with the highest growth rate from 9.3 per cent in 2013 to 9.8 per cent in 2016. While some other member states have experienced a growth rate of between 4.5 per cent and 6.6 per cent in 2016 against 3.3 per cent to 13 percent in 2013.

Speaking on Sierra Leone, he said: “The decline in Sierra Leone’s growth rate from 13 per cent to 21.5 per cent was mainly due to the negative impact of the Ebola Virus Disease on the country.’’

Meanwhile, the Economic Community of West African States (ECOWAS), Court of Justice has declared the arrest and detention of former national security adviser Sambo Dasuki by the Nigerian government as unlawful. The court also ordered that a fine be paid to Dasuki.

Ruling on the case brought against the federal government before it by Dasuki over his continued detention on Tuesday, October 4, the court said the government’s action was arbitrary and anti-democratic.


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