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West Africa: ECOWAS GDP Projected at $232.7bn in 2008
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This Day (Lagos)
14 May 2008
Posted to the web 14 May 2008
Etim Imisim
Abuja
The President of the Commission of Economic Community of West African States (ECOWAS) said yesterday that GDP of the region is projected to reach $232.7 billion in 2008.
Nigerian parliamentarians at the session included Deputy Senate President, Mr. Ike Eweremadu, Comrade Uche Chukwumerije, Dr. Mamora, Mr. Eziuche Ubani, Mallam Lawan Farouk, Mrs. Joy Emordy and Mallam Musa Usman
The economy of the region was witnessing an increase from $141.9 billion in 2005 to $170.1 in 2006 and $199.7 in 2007. Dr. Mohammed Ibn Chambas disclosed this while presenting a status report to the first ordinary session of ECOWAS Parliament for the year, which opened in Abuja yesterday. The parliament will be in session till May 24.
Economic outlook for the region was positive, the ECOWAS Commission president noted. The upbeat trend was being secured through improved macroeconomic management, governance and security situation. High commodity prices and the discovery of oil in commercial quantity in the Gulf of Guinea affected the fortunes of the region. And financial assistance to the region from development partners has also been on the increase, Dr. Chambas added.
Individual ECOWAS countries were at various levels of growth and the region as a whole was facing myriads of challenges. The challenges include poverty, poor infrastructure and low level of intra-regional trade. Others are increase in the prices of commodities, especially oil and food.
Senator Eweremadu told reporters that he envisages governments in the region creating the enabling environment for agriculture to address the food crisis. A long-term view of the food situation would involve opening up rural communities, he said. Feeder roads should be constructed throughout the region to enable farmers move their produce to markets.
The Speaker, Mr. Mahamane Ousmane, first raised the issue of the looming world food crisis and said he was "apprehensive" over scarcity in the region in the last several months. Food riots have been reported in a number of ECOWAS countries in the last weeks.
"The situation is widespread, and has sparked grave unrest with long lines of demonstrators taking to the streets," he said. "A situation where the people's basic needs are not met concerns all of us."
Chambas said in his report that the global food crisis was causing shock in the region. Agricultural production had not been factored into structural adjustment programmes in the past, and land was being diverted from food crops to bio-fuel production. The emerging economies of China, India and those of the Middle were increasing their demands for food. The costs of energy and fertilizer have been on the increase also. And drought was wrecking havoc in Australia and flood in Bangladesh and other places.
The commission president further noted that an ECOWAS ministerial meeting was being convened for May 19 to address the food situation. The food crisis could have "severe" socio-economic implications for the region, he added. Member states may have to embark on policy measures, which may include the reduction of tariff on grains, especially rice.
Chambas said persistently high prices of oil, which peaked at $124.65 the previous day, would affect macroeconomic stability and economic growth in the medium term. It would also constrain growth and investment. Many West African countries are not importers of oil, Chambers said, and called on oil-producing members in the region to show "solidarity" with those which do not produce.
The plenary of the opening session discussed reports of standing committees, which sat when the parliament was in recess. Issues examined included gender, interconnection of electricity grids, harmonization of school curricular, water resources and the environment.
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The plenary also looked at the socio-economic situation in member states, based on reports prepared by their parliaments. New members took oath of office from countries which held elections in 2007..
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