WEST AFRICAN ECONOMIES ON THE BRINK OF COLLAPSE!!!!!

WEST AFRICAN ECONOMIES ON

THE BRINK OF COLLAPSE!!!!!

BY ABDULMUMINI ADEKU.

MALI IS A NET EXPORTER OF COTTON IN WEST AFRICA

Except a concerted effort is put in place by the governments of all the members  of the Economic  Community of West African states ,[E.C.O.W.A.S],feelers as at press time suggests an economy heading towards a complete collapse.

Checks by The News Office Desk of Paedia Express Multimedia Group in Lagos,Nigeria suggests the effect of the foreign exchange hikes and its inflationary tendency has  sent out a ripple effect and shocking after effect on the sub-regional economy.

As at press time,very credible sources told this reporter that Francophone Africa’s C.F.A and The Ghanaian cedi has jerked up astronomically thus pushing a lot of nations a step closer to poverty.

Top public Affairs analyst and key social media figure,Mr Richard Mammah had told this reporter exclusively on numerous occasions that Nigeria could benefit from its strength in the Sub –region if it uses its economies of scale cum comparative advantages very well with other nations such that the products or commodities tagged Made-in-Nigeria can flood the sub –region.

Mammah ,also Chief Executive Officer of Sunbird African Media Limited is however surprised that the nations leadership are not looking at that direction at all.

He however called for a complete overhaul of the nation’s borders with that of other nations while also calling for other nations to do the same as the problems of smuggling was destroying a lot of business.

The Central Bank of Nigeria [C.B.N.] recently released a fresh $195 million into the foreign exchange market as part of its whole sale intervention to ensure liquidity in that segment of the market.

Acting Director of Corporate Communications,C.B.N.,Mr Isaac Okoroafor said the intervention was made up of $150million for the whole sale auction and $45million in the invisible segment for such items as medical,tuition, personal travels,business travels allowance.

In a related issue,The National Bureau of statistics also recently disclosed that the consumer price index which is used in measuring the inflationary rate shows that the index dropped  yearly from 18.2 percent in January to 17.78 percent in February,2017.