The ground work for the formation of ECOWAS can be traced to the efforts of the heads of States of Nigeria and Togo in 1972. They had a series of meetings and sent draft proposals to other heads of States of West African countries.
Economic integration is a condition of international trade in which all trade barriers and restrictions are removed. There is perfect capital mobility, complete freedom of migration, complete freedom of establishment of businesses and unhindered flow of information and technology.
Commercial policy in international trade refers to deliberate efforts on the part of a government to intervene in the country’s trade relations with other countries. Commercial policy aims at regulating trade and protecting the economy.
Development Planning can be defined as a systematic or carefully formulated course of actions/policies designed to achieve the developmental goals of society.
The River Niger Basin Commission is an inter-governmental organization in the West African subregion that was established in 1964. Its current membership comprises Nigeria, Cameroon, Niger Republic, Benin Republic, the Gambia, Mali and Burkina Faso.
Gas Producing and Exporting Countries (GPEC) was founded by 14 countries Algeria, Brunei, Egypt, United Arab Emirates, Iran, Lybia, Qatar, Trinidad and Tobago, Venezuela, Indonesia, Malaysia, Oman, Russia and Nigeria.
The Chad Basin Commission was established in 1964. It draws its membership from countries bordering it. These are the Chad Republic, Nigeria, Cameroon and Niger Republic.
West African Clearing House (WACH) is form on July 1, 1976 was largely due to the efforts of the Governors of the Central Banks in West Africa to find a solution to one of the obstacles to trade among West African countries.
Mode is the score that occurs most frequently in a set of scores. For example, the mode of 3, 4, 5, 6, 3, 7, 4 8, 3, 9 and 10 is 3 because it is the figure that occurs most frequently in the set. A set of values can have two modes or bi-modals, e.g. 3, 9, 12, 6, 11, 24, 13, 11, 6.
The formation of United Nations Conference on Trade and Development UNCTAD in 1964 was initiated by the less developed nations of the world, the majority of which are members of the United Nations. Its headquarters is located in Geneva, Switzerland. Since its inception in 1964, it has been holding full sessions at least once in every four years.
The International Monetary Fund (IMF) was established in 1944.
Its financial resources stem mainly from quota subscriptions which are assigned to each member according to its relative size in the world economy. A member’s quota also determines its voting power as well as its access to IMF financing.
The International Bank for Reconstruction and Development (IBRD) otherwise known as the World Bank was established in 1944 with its headquarters in Washington DC.
The United Nations Economic Commission for Africa is the continental organ that is responsible for the coordination of the developmental activities and efforts of the African countries under the agencies of the United Nations.
European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development was established in 1991.
Aims and Objectives of the European Bank for Reconstruction and Development (EBRD)
To provide technical assistance and training to economies once geared toward communist planning.
To establish a framework for a Western style...
The European Economic Community (ECC) now referred to as the Enropean Union (EU) was established in 1958 under the Treaty of Rome of I957. It has a membership of twelve countries at present. The number is likely to grow as the years roll by.
OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula.
In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.
Economic analysis is both theoretical and empirical. Both theoretical and empirical analyses use three types of languages which are verbal, statistical and mathematical.
Measures of dispersion or spread give us some idea of how the values of a distribution cluster around the average and to what extent the observations differ from the mean. The three main measures of dispersion of a distribution are the range, the variance and the standard deviation.
