Restricted Regional Trade
Currently, trade between West African countries is extremely low, with Nigeria, the region’s largest economy, accepting less than 0.5 percent of its total imports from other West African countries.
Experts say trade between West African countries is set to grow with the launch of a single currency. Investor confidence will also grow, further attracting regional and international investors.
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By creating a regional trade bloc, ECOWAS will have a bigger say in the global market and stimulate an improved economic outlook for the whole region.