Nigeria Economic Bloc

Topics: West Africa, European Union, Economic Community of West African States Pages: 4 (2714 words) Published: April 27, 2011
The aim of this work is discuss Nigeria’s regional economic bloc (ECOWAS), the implications of this Economic Bloc to International Business and its advantages and disadvantages to Nigeria. Introduction: Nigeria is a country located in West Africa; it has a population of about 160,027,000 (World Economic Fact Book 2010). Its main produce is oil and petroleum; the country is also a key producer of rice, cocoa and palm-oil in West Africa. (See Appendix 1).Nigeria belongs to a number of economic blocs in Africa as there are quite a few, but this work shall focus on its ECOWAS membership. An Economic Bloc is a unit that is created by an agreement between different countries occupying a proximate geographical area, that removes any barriers to trade and investment. (Cavusgi et al 2008 pp 239). ECOWAS means the Economic community of West African States, it was founded on the 28th of may 1975 in Lagos, Nigeria, It consist of 15 member countries; Benin, Burkina Faso, Republic of Cape Verde, Cote-D’ivore, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra- Leone and Togo. ( See Appendix 2. According to ( the main objective of ECOWAS “is to promote cooperation and integration with a view of establishing an economic and monetary union as a means of stimulating economic growth and development in West Africa”. It also aims to improve on the lives of citizens of member states as well as furthering the social, political and economic growth of member states. ECOWAS has...
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