Skip to main content

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.

Source: https://www.naij.com/994737-read-nigerias-economic-recession-affecting-west-africa.html?source=index_main
Post a Comment

Popular posts from this blog

FG and labor leaders to meet today over planned strike action against increased pump price

The Federal government, leaders of the Nigeria Labor Congress NLC ‎and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pup price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th.

The Federal government and Labor leaders' meeting will hold at the office of the Secretary to the Government of the Federation in Abuja by 10am..

Those expected at the meeting include Minister of Labor Chris Ngige, leaders of NLC, TUC, Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and their Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN counterpart.

TRAGEDY IN GHANA-Police officer, pregnant wife, daughter perish in gory accident,new born baby survives

A Police officer, his pregnant wife, their 3-year-old daughter and their nephew died in a horrible accident on the Adabraka road Sunday dawn.

The Police officer identified as Sergeant Francis Essuman 42, with his nephew Kobby 21, and their daughter Wilhelmina 3, were accompanying his pregnant wife, Elizabeth Essuman, 36, to the hospital to deliver when the accident occurred.

According to Chief Inspector Lilly Rockson in an interview with Adom News said, the pregnant woman delivered a bouncing baby boy in the taxi half way to the hospital prompting them to panic.

In a bid to quickly get her to the hospital to avert any complications, the taxi driver was compelled to speed but ended up crushing into a Sprinter bus which was on top speed from Tudu in Accra.

Title-crazy civil servants to go

Title-crazy civil servants are scared of being sacked, The Nation learnt at the weekend. Officials, who violated the Public Service Rule banning titles until after retirement, may be retired in the coming civil service reforms.
Only those whose titles were traditionally inherited may be spared but their postings and conduct will be put under watch.
According to sources, the government is disturbed that most of the top civil servants with honorary awards actually bought them at high fees.
The affected civil servants violated the rules which grants them the right to such honors only after retirement.
Besides committing the resources of Ministries, Departments and Agencies (MDAS) to such awards, most of the civil servants used the window to “grant favour to groups, persons, and communities in violation of their oath of office.”