West Africa bloc urges Nigeria, others to reform economies


Heads of states of attend a meeting of the Economic Community of West African States (...
Heads of states of attend a meeting of the Economic Community of West African States (ECOWAS) meeting in Abuja, Nigeria, September 22, 2015. REUTERS/Afolabi Sotunde

A West African bloc called on Nigeria and other countries to undergo “necessary structural reforms” to improve their economies, as a collapse in oil and commodity prices continues to cripple economic growth.

Nigeria and other member countries should “take appropriate economic and financial stimulus measures in order to be less vulnerable to commodity price fluctuations and improve their economies’ resilience to exogenous shocks,” said the Economic Community of West African States, meeting in the Nigerian capital on Saturday.

Nigeria, which depends on oil for roughly 70 percent of government revenues, entered its first recession in a quarter of a century this year, as crude prices slumped.

For Citizen TV updates
Join @citizentvke Telegram channel



Video Of The Day: Different journeys, same destiny: The story of top two candidates | KCSE 2020 |

Avatar
Story By Reuters
More by this author

Leave a Reply

Your email address will not be published. Required fields are marked *