2021 WAEC Commerce Theory (a) What is an economic grouping?  (b) State three objectives of each of the following…

Explanation

(a) An economic grouping is the coming together of different countries with common economic interests and goals to promote economic cooperation and development among member states.
(b) (I) Lake Chad Basin Commission: (1) To regulate the exploitation of the water resources of the Lake Chad (2) To survey the lake Chad development of irrigation systems of agriculture purposes (3) To harness and develop the water resources for electricity, crop, livestock and fish production. (4) To enhance the development of irrigation systems for agricultural purposes (5) To put control measures to deter pollution of the lake. (6) to ensure economic cooperation and development among member states (7) To promote regional integration and security. (8) To preserve the ecosystem of the Lake Chad.|
ii) ECOWAS:  (I) To promote co-operation and development in all fields of economic activity (2) To raise the standard of living of the people (3) To increase and maintain economic stability in the sub-region (4) To have regional economic co-operation (5) To abolish obstacle to the free movement of persons, goods and services between member states  (6) To harmonize monetary policies as required for the proper functioning of the community. (7) To maintain political stability in the event of crisis (8) To help promote international unity (9) To develop infrastructural schemes among member states
(c) Niger Basin Commission (1) To assist in the exploitation of the resources of the River Niger as well as its tributaries and sub tributaries. (2) To liaise with member countries in order to gather and disseminate information about the River Niger. (3) To consider plans and suggestions emanating from member states and make recommendations to members (4) To undertake surveys on how navigable the river Niger is (5) To streamline the construction of dams on the River Niger (6) To control flood and erosion on the River Niger.