ECOWAS commends Buhari administration for steering Nigeria out of recession

Nigeria’s business ranking improves by 24 ranks

The Economic Community of West African State (ECOWAS) has commended Nigeria’s federal government on its Economic Growth Recovery Plan (EGRP) and strides in the improvement of ease of doing business.

Addressing the 12th ECOWAS-Development Partners Annual Coordination Meeting in Abuja, the president of the ECOWAS Commission, Marcel De Souza, said that President Muhammadu Buhari is to be commended exceptionally for his efforts and commitment to ease of doing business in Nigeria.

He said, “As you know Nigeria just came out of recession and President Buhari came up with a plan that will ensure that recession ends fully and the economy prosper which has been successful. “Nigeria’s business ranking has moved up 24 ranks in ease of doing business. The the Buhari administration is to be commended for its stewardship.”

Nigeria – Africa’s largest economy – is an engine of growth in ECOWAS. Seventy percent of the region’s gross domestic product (GDP) is generated by Nigeria.

ECOWAS Task Force on Free Movement

De Souza also noted that the ECOWAS Task Force on Free Movement is working tirelessly to ensure that all impediments hampering free movement of goods and services between member states are eliminated.
He continued: “The ECOWAS Task Force on Free Movement has a 4 year mandate which involves examining at all regional infrastructure – roads and borders – and the challenges hindering implementation of free movement.

“They started their work a year now. They have gone to eight countries so they have seven countries remaining. They look at obstacles hindering free movement, such as corrupt practices on the road and right to residency and establishment and we are doing a very good work to come up with an action plan”.

Nigeria has just emerged out of a recession, with the latest figures indicating a 0.55 percent growth in GDP. The main task of the Buhari administration will be to diversify the country’s economy beyond oil