Comparative economic performance in selected ECOWAS countries

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dc.contributor.authorOlunkwa, N.C.
dc.contributor.authorNnoruga, O.M.
dc.contributor.authorIwegbu, O.
dc.contributor.authorNwokoma, N.I.
dc.date.accessioned2024-10-02T09:27:21Z
dc.date.available2024-10-02T09:27:21Z
dc.date.issued2024
dc.description.abstractThe Economic Community of West African States, a regional economic union, has continued to develop policies that will promote economic cooperation and regional development among its members. Despite efforts since 1975 by the 15 member states, the desired development has appeared elusive. This study evaluates the macroeconomic performance of selected member states, namely Nigeria, Cote d'Ivoire, Ghana, Senegal and Mali, which account for over 90% of the regions' output, concerning attaining the founders' goals of the regional body. Descriptive statistics are employed in analysing the data under six dimensions: output growth, sectoral economic performance, economic environment, monetary stability, external sector performance and fiscal activity. Some findings indicate that Nigeria's largest GDP is declining, while Cote d'Ivoire's growth rate is the most improved. Nigeria also has the largest domestic investment; however, Cote d'Ivoire experienced the fastest growth. The services sector contributed most to GDP throughout the period except for Mali, where agriculture slightly dominated its contribution to GDP. Ghana's quality of the institution and ease of doing business is the best compared to others, although this is below the global average. Senegal has the largest credit mobilisation to the private sector, while Ghana is the most open economy in international trade. The study acknowledges that macroeconomic stability is imperative for any country aiming to achieve sustainable, equitable and inclusive growth. Hence, an environment that enhances the ease of doing business must be provided to boost the capacity of the private sector and its impact on the living standards of the people of the sub-region.
dc.identifier.citationOlunkwa, N.C., Nnoruga, O.M., Iwegbu, O., & Nwokoma, N.I. (2024). Comparative economic performance in selected ECOWAS countries. In D.G. Omotor, & A.G. Johnson (eds.). Dynamics of public debt management and economic development in Africa: Essays in honour of Dr Baba Yusuf Musa (Chp. 4, pp. 60-85). Lagos, Nigeria: West African Institute for Financial and Economic Management (WAIFEM).
dc.identifier.urihttps://ir.unilag.edu.ng/handle/123456789/12972
dc.publisherWest African Institute for Financial and Economic Management (WAIFEM)
dc.relation.ispartofseriesChapter 4
dc.titleComparative economic performance in selected ECOWAS countries
dc.typeBook chapter
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