West African Economic Area

The objectives of the subject “West African Economic Area” are the following:

1. To define the economic characteristics of the West African Economic Area
2. To know the economic profile of the West African Countries
3. To understand the influence of the African Traditional Religions, Islam and Christianity on the West African Economic Area
4. To learn the economic integration process in the West African Economic Area
5. To analyse the main businesspeople in West Africa
6. To explore the economic relationships with others economic areas of different civilisations
7. To analyse the main economic organisations related to the West African Economic Area

Description: West African Economic Area

The West African Economic Area consists of fifteen countries: Benin, Burkina Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea Conakry, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo.

1. English and French are the main “linguas francas” in the region
2. Portuguese is spoken in Cape Verde and Guinea-Bissau
3. Arabic is spoken in the North of the Sahel
4. One should also take into account the local languages like Yoruba, Hausa or Wolof
5. Major religions in West Africa are Islam (54% of the population), the African Traditional Religions and Christianity
6. The main West African Economy is Nigeria, which is also the first African Economy, and may be the Central State of the African Civilisation
7. Senegal is a country of reference, especially in the Francophone area
8. West Africa is the most dynamic region of Africa
9. The largest ports in West Africa are the Port of Abidjan, Lagos, Dakar, Tema, Lomé, and Cotonou
10. Trans-African Corridors crossing through West Africa: Cairo-Dakar Corridor, Dakar-Lagos Corridor, Lagos-Mombasa Corridor, Trans-Sahelian Highway, Algiers-Lagos Corridor, and N’Djamena-Djibouti Corridor

There are three major economic integration processes in West Africa:

1. Benin, Burkina Faso, Cape Verde, Ivory Coast, the Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo are members of the Economic Community of West African States (ECOWAS)
2. Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal, and Togo are members of the West African Economic and Monetary Union (WAEMU)
3. The Gambia, Ghana, Guinea, Liberia, Nigeria, and Sierra Leone are members of the West African Monetary Zone (WAMZ)

Other trade agreements and economic institutions in West Africa.

1. Benin, Burkina Faso, Cape Verde, Ivory Coast, the Gambia, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, and Togo are members of the Community of Sahel-Saharan States (CEN-SAD)
2. Guinea, Mali, Mauritania, and Senegal are members of the Organisation for the Development of the Senegal River
3. Ivory Coast, Sierra Leone, Liberia, and Guinea are members of the Mano River Union (MRU)
4. Benin, Burkina Faso, Ivory Coast, Guinea, Mali, Niger, and Nigeria are part of the Niger Basin Authority
5. Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Guinea, Mali, Niger, Senegal, and Togo are part of the Organisation for the Harmonisation of Business Law in Africa (OHADA)
6. Bank of Central African States
7. Maritime Organisation for West and Central Africa

Nigerian Businesswomen: Hajia Bola Shagaya, Folorunsho Alakija, Adenike Ogunlesi, Folake Folarin-Coker, Dra. Amina Odidi, and Tara Fela-Durotoye.

Nigerian Businesspeople: Alhaji Aliko Dangote, PhD Mike Adenuga, Abdulsamad Rabiu, Tunde Folawiyo, Tony Elumelu, Orji Uzor Kalu, Adewale Tinubu, Jim Ovia, Theophilus Yakubu Danjuma, PhD Alhaji Muhammadu Indimi, and Olufemi Otedola

Personalities of West Africa: Sheikh Anta Diop, Ahmadou Hampaté Bá, Boubou Hama, Wole Soyinka, Leopold Sédar Senghor, Christophe Wondji, Joseph Ki-Zerbo, Djibril Tamsir Niane, Albert Adu Boahen Kwadwo, Ellen Johnson-Sirleaf, and Akin Mabogunje.

Interactions of the West African Economic Area with the other civilisations

Generalised System of Preferences (SPG) of the EU

1. The West African beneficiary countries of the Scheme Everything But Arms (EBA) of the EU are Niger, Benin, Liberia, Togo, Burkina Faso, Senegal, the Gambia, Mali, Sierra Leone, Guinea, Cape Verde, and Guinea-Bissau
2. Cape Verde is a beneficiary of the SPG+

Cape Verde, Benin, Burkina Faso, Ivory Coast, Gabon, the Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo are part of the Africa-European Union Strategic Partnership of the European Union (EU).

The European Union has a Free Trade Agreement with Ivory Coast and with Ghana. The EU-West African Countries Economic Partnership Agreement (in negotiation) (ECOWAS and UEMOA).

All the countries in West Africa are beneficiaries of the African Growth and Opportunity Act (AGOA) of the United States.

Trade Preferential System among the Member States of the Organisation of Islamic Cooperation (OIC-TPS)

1. No country in West Africa has signed the Framework Agreement + PRETAS (Protocol on the Preferential Tariff Scheme) + Rules of origin
2. Guinea, Niger, Sierra Leone, the Gambia, Guinea-Bissau, Burkina Faso, Benin, Nigeria, and Ivory Coast have signed the Framework Agreement + PRETAS
3. Senegal only has signed the Framework Agreement
4. Mali and Togo have not ratified the Agreement

All the West African Countries are members of the African Development Bank, African Union Development Agency (AUDA-NEPAD), African Union (UA), and Economic Commission for Africa (CEA).

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