ECOWAS worried over Nigeria’s economic recession
Economic Community of West African States (ECOWAS) has expressed concern over the economic recession in Nigeria.
Nigeria’s economic recession, it noted is affecting the economies of other 15 countries in the sub region.
ECOWAS President, Marcel de Souza, stated this in Abuja, while presenting the community’s status report at the organization’s second ordinary session of ECOWAS partners.
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.