CHAPTER 14: ECONOMIC GROUPINGS
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| GROUPING | OBJECTIVES | OBSTACLES TO ACHIEVEMENT |
| ECOWAS (Economic Community of West African States) | To promote economic integration and cooperation, establish a common external tariff, and facilitate free movement of persons and goods across the region. | Political instability, weak infrastructure, lack of commitment/non-compliance by member states, use of multiple currencies. |
| NBC (Niger Basin Commission) | To promote cooperation in the use and management of the Niger River and its basin resources. | Lack of funding, political conflicts among riparian states, environmental degradation. |
| LCBC (Lake Chad Basin Commission) | To manage the sustainable use of Lake Chad’s water and resources, coordinate development projects, and prevent environmental degradation. | Severe drought, climate change impact on the lake, security issues in the region. |
| Mano River Union | To foster economic cooperation and integration between its members (Sierra Leone, Liberia, Guinea). | Civil conflicts, slow implementation of agreements, poor infrastructure linkage. |
| EEC (European Economic Community – historical precursor to EU) | To create a Common Market through the abolition of customs duties and free movement of goods, labour, and capital. | Resistance from some member states to surrender sovereignty, economic disparities. |
| ACP (African, Caribbean, and Pacific) | To promote trade, cooperation, and sustainable development, mainly through partnership agreements (Lomé Convention, Cotonou) with the European Union. | Dependence on foreign aid, weak negotiating capacity, unstable commodity prices. |
| IBRD (International Bank for Reconstruction and Development – World Bank) | To provide long-term loans and grants to developing countries for capital projects aimed at reducing poverty (e.g., infrastructure, education, health). | Conditionalities of loans, high debt burden on developing nations, political influence. |
| IMF (International Monetary Fund) | To promote global monetary cooperation, secure financial stability, facilitate international trade, and provide short-term loans to members with Balance of Payments difficulties. | Strict conditionalities (austerity measures) that can impact social welfare, dominance of wealthy nations in voting power. |
| UNCTAD (United Nations Conference on Trade and Development) | To promote international trade, particularly to accelerate the economic development of developing countries, and ensure they participate fully in the global economy. | Lack of enforcement power, conflicting interests between developed and developing nations. |
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