Nigeria Accounts for 75% of West Africa GDP

economy
  • Nigeria Accounts for 75% of West Africa GDP

The African Development Bank (AfDB) has affirmed Nigeria’s position as the powerhouse of West Africa and the entire African continent.

The bank, during its Annual Meeting in Malabo, Equatorial Guinea, said Nigeria contributes 75 percent to West Africa’s economy and accounts for 20 percent of continental GDP.

Nigeria exports to the rest of Africa stood at 12.7 percent and 3.7 percent of total trade is within the West Africa region.

According to Mr. Ebrima Faal, the bank’s Senior Director for Nigeria, Nigeria’s trade policy is anchored on the Economic Community of West African nations, as it continues to maintain its coordinating role in the region through the public and private sectors.

On the issue of free trade in the region, Faal said Nigeria has performed relatively well with the movement of goods and people, through the ratification of relevant ECOWAS instruments bordering on the free movement of persons, workers, and rights of establishments.

“Nigeria has an active Export Promotion Council (NEPC), which champions implementation of the ECOWAS Trade Liberalisation Scheme, the main operational tool for promoting Free Trade in West Africa. However, there is still much to be done on the integration of its productive value chains, especially in the areas of agriculture and the manufacturing sector for exports,” Faal stated.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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