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

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How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by happiness2020(f): 11:29pm On Oct 04, 2016
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

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by micfoley: 12:57am On Oct 05, 2016
OK o
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Amberon: 2:22am On Oct 05, 2016
O
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by modath(f): 3:31am On Oct 05, 2016
Nigeria sneezes , west Africa catches cold.... That's how it has always been & no gainsaying, that is how it will remain..


If we aren't buying woodin and the crude bleaching formulas from Cote D'ivoire, we are in senegal buying overpriced boubou or in Ghana trucking in trailer loads of Daviva/Akosombo ankara on an intermittent basis...

Benin Republic is virtually naija's 36th state, Togo's textile industry depends on this nation's patronage, and there are more examples of inter dependent commercial eendeavous... If naija isn't playing, WA isn't balling.

59 Likes 5 Shares

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Luckymay(f): 5:32am On Oct 05, 2016
The lion (giant) of Africa is sick and the other animals (countries) are in tremble.
I hope the lion makes a quick recovery lest the animal kingdom suffers habitual collapse.

13 Likes 3 Shares

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by legendarystar: 6:52am On Oct 05, 2016
Luckymay:
The lion (giant) of Africa is sick and the other animals (countries) are in tremble.
I hope the lion makes a quick recovery lest the animal kingdom suffers habitual collapse.


u think naija will get out of this present state with this over bloated, egotistic Brain dead leaders at the helm of power wake up man.

25 Likes 2 Shares

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by President99: 6:58am On Oct 05, 2016
This is what I was telling someover zealous Biafra chaps in other thread of ECOWAS's court ruling, but the Ignorami were hellbent on saying otherwise

9 Likes 1 Share

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by koladebrainiac(m): 8:01am On Oct 05, 2016
lol
lol I now get it. so ECOWAS because of that now trying to release all the criminals in Nigeria just to get back at FG abi . they are trying.

3 Likes 1 Share

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by samsono30: 8:01am On Oct 05, 2016
angry

1 Like

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by EmoBoy(m): 8:02am On Oct 05, 2016
Nigerians would use this to beat their nonsense chests.

4 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by RobinHez(m): 8:02am On Oct 05, 2016
So the acclaimed 'Giants of Africa' picked a certificate-less ex-military general out of the over millions of qualified citizens it had? Citizens with brilliant ideas and passion... All because of Sentiment to political parties.
Now the woes of their actions not only affect them and their children, but also the countries they're in league with. undecided


Cool! cool

I hope the so-called youths are watching...

13 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Rekyz(m): 8:03am On Oct 05, 2016
How Buhari's policy is affecting West Africa. - ECOWAS

7 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by SamuelAnyawu(m): 8:03am On Oct 05, 2016
Buhari why?
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by chuose2: 8:03am On Oct 05, 2016

11 Likes 1 Share

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:04am On Oct 05, 2016
EmoBoy:
Nigerians would use this to beat their nonsense chests.
pride + empty stomach

3 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by LabiaDestroyerr(m): 8:05am On Oct 05, 2016
ECOWAS that gworo chewer from duara is to blame
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Buhari4dullard: 8:05am On Oct 05, 2016

9 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:06am On Oct 05, 2016
When the elephants fall , the whole forest is shaken!

1 Like 2 Shares

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by SammyGyang(m): 8:06am On Oct 05, 2016
Mr. Buhari must act fast to redeem his name.
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Pavore9: 8:07am On Oct 05, 2016
modath:
Nigeria sneezes , west Africa catches cold.... That's how it has always been & no gainsaying, that is how it will remain..


If we aren't buying woodin and the crude bleaching formulas from Cote D'ivoire, we are in senegal buying overpriced boubou or in Ghana trucking in trailer loads of Daviva/Akosombo ankara on an intermittent basis...

Benin Republic is virtually naija's 36th state, Togo's textile industry depends on this nation's patronage, and there are more examples of inter dependent commercial eendeavous... If naija isn't playing, WA isn't balling.


You clearly stated what these Countries are to Nigerians! cheesy cheesy cheesy cheesy

3 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by koladebrainiac(m): 8:07am On Oct 05, 2016
Buhari sealed off border to create internal production . Nigerians are now making their own rice n raw materials. no constant importation of second hand materials . so ofcoz other Africa should feel the heat

7 Likes 1 Share

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Allwility: 8:08am On Oct 05, 2016
modath:
Nigeria sneezes , west Africa catches cold.... That's how it has always been & no gainsaying, that is how it will remain..


If we aren't buying woodin and the crude bleaching formulas from Cote D'ivoire, we are in senegal buying overpriced boubou or in Ghana trucking in trailer loads of Daviva/Akosombo ankara on an intermittent basis...

Benin Republic is virtually naija's 36th state, Togo's textile industry depends on this nation's patronage, and there are more examples of inter dependent commercial eendeavous... If naija isn't playing, WA isn't balling.

I can almost touch the ego in you comment. On the flip side, all you've said is the more reason why we need to get our acts right as a country.

4 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by StarPlayer: 8:10am On Oct 05, 2016
EmoBoy:
Nigerians would use this to beat their nonsense chests.
undecided
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by elotajohn1(m): 8:11am On Oct 05, 2016
YOU want CHANGE, CHANGE YOU got

1 Share

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:12am On Oct 05, 2016
Where ever Nigeria goes Africa goes
Nigeria shall raise again

3 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Aringarosa(m): 8:17am On Oct 05, 2016
Amid all these crises rocking the west Africa nations, one country is still defying the odds and making good stride in its economic indices -Cote D'Ivoire. Does anyone knows why?

2 Likes

Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:17am On Oct 05, 2016
The administration should be adviced to further devalue the naira and drop interest rate below 5.0% to enjoy economic growth
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:18am On Oct 05, 2016
Nawa o.
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by Nobody: 8:20am On Oct 05, 2016
listen to my songs at http://my.notjustok.com/p/oracle/

modath:
Nigeria sneezes , west Africa catches cold.... That's how it has always been & no gainsaying, that is how it will remain..


If we aren't buying woodin and the crude bleaching formulas from Cote D'ivoire, we are in senegal buying overpriced boubou or in Ghana trucking in trailer loads of Daviva/Akosombo ankara on an intermittent basis...

Benin Republic is virtually naija's 36th state, Togo's textile industry depends on this nation's patronage, and there are more examples of inter dependent commercial eendeavous... If naija isn't playing, W.A isn't balling.


GBAM!!!
Re: How Nigeria's Economic Recession Is Affecting West Africa - ECOWAS by drnoel: 8:25am On Oct 05, 2016
legendarystar:



u think naija will get out of this present state with this over bloated, egotistic Brain dead leaders at the helm of power wake up man.

Thats wat peeps here fail to grab. Recession no be for mouth. If the present dullard in that white house doesn't do a 360 degrees and take new policies up this recession won't end soon. I sabk say im problem na say dem policies way im no won use na the ones he initially suspended out of slight to previous administration but nigeria is much bigger than one man's arrogance.

1 Like 1 Share

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