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SS3: ECONOMICS - 2ND TERM

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  1. Balance of Payment I | Week 1
    4 Topics
  2. Balance of Payment II | Week 2
    4 Topics
  3. Economic Growth & Development | Week 3
    1 Topic
    |
    1 Quiz
  4. Economic Development Planning | Week 4
    2 Topics
    |
    1 Quiz
  5. International Economic Organisations I | Week 5
    4 Topics
  6. International Economic Organisations II | Week 6
    6 Topics
    |
    1 Quiz
  7. Current Economic Plans | Week 7
    5 Topics
    |
    1 Quiz
  8. Economic Development Challenges | Week 8
    4 Topics
  9. Economic Reform Programs | Week 9
    5 Topics



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Economic Community of West African State (ECOWAS) was established on 28th May 1975 when the heads of states and government of 15 independent West African Countries met in Lagos, then the capital of Nigeria. 

ECOWAS was established to foster regional economic cooperation, Unity economic growth and development.

To eradicate the exploitative tendencies of colonialism.

ECOWAS citizens are guaranteed free entry without a visa for a period of ninety (90) days within member countries. 

Aims and objectives of Economic Community of West African State (ECOWAS)

1. To create a common market 

2. To eliminate customs duties and other charges among member states

3. To eliminate poverty among member states

4. To ensure economic stability in the member countries

5. To harmonies industrial, infrastructural and agricultural policies

6. To ensure success in the struggle against economic domination by foreign forces

7. Integration of both fiscal and monetary policies

Achievement of Economic Community of West African State (ECOWAS)

i. Mutual agreement on peace and defense matters of member nations

ii. The free movement of the members of the ECOWAS nation: ECOWAS citizens are guaranteed free entry without a visa for a period of ninety (90) days within member countries. 

iii. It has improved the standard of living of the member countries

iv. It has led to cultural and social cooperation among members states

v. To promote expansion in regional market

Advantages of Economic Community of West African State (ECOWAS)

1. Free Trade: Citizens of member countries are free to trade with one another

2. ECOWAS has lead to economic growth and development of member states

3. Large market: The integration has brought about a very large market within the sub-regions

4. Improved standard of living for member states

5. There is free movement of labour and capital

6. Reduction in Tariff

Disadvantages or Problem of Economic Community of West African State (ECOWAS)

1. Shortage of funds to carry out its programmes

2. Problem of policy implementation

3. Problem of currency differences

4. Problem of language

5. Fiscal and monetary differences

6. Escalation of smuggle

7. Problem of congestion as a result of the free movement of citizens of its member states tends to create congestion in some countries with vibrant economies.

Evaluation Questions

1. Explain the achievement of ECOWAS

2. Mention the aims of ADB

View Answer

Responses

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Evaluation questions

1. Explain the achievement of ECOWAS

2. Mention the aims of ADB

Solution

1. Explain the achievement of ECOWAS

a. It has led to cultural and social cooperation among member states

b. It has led to the expansion of the regional market

c. It has improved the standard of living of the members

d. It has allowed free movement of the members of ECOWAS nation

e. It has brought about mutual agreement on peace and defense matters of member states

2. Mention the aims of ADB

a. To give credits to African countries in order to facilitate economic development

b. To promote investment opportunities in Africa

c. To promote multinational investment in Africa

d. To ensure regional unity and trade among member nations

e. To provide technical assistance for development projects

f. To foster economic integration among African countries

g. To provide funds for the development of power supply and agriculture of member states.

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