How Nigeria's economic recession is affecting West Africa - ECOWAS
https://infoniger.blogspot.com/2016/10/how-nigerias-economic-recession-is.html
President of the ECOWAS commission said Nigeria’s economic recession is affecting West Africa –
Speaking through a representative in Abuja, he revealed the effect of Nigeria’s recession on the region –
Mr De Souza said Nigeria’s recession has a negative impact on the sub-region’s overall economic performance
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 through a representative in Abuja, he revealed the effect of Nigeria’s recession on the region –
Mr De Souza said Nigeria’s recession has a negative impact on the sub-region’s overall economic performance
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.
