WAEC Commerce 2021 Theory — Question 7

Model answer

(a) An economic grouping is the coming together of different countries with a common economic interest and goals with a view to promoting economic cooperation and development among member states. (b) (i) Lake Chad Basin Commission: to regulate and control the use of water and other natural resources in the basin; to initiate, promote and coordinate natural resource development projects and research; to monitor the Lake's activities to prevent disaster. (ii) ECOWAS: promotion of trade among member countries; expanding markets for West African countries and citizens; cultural cooperation and promotion among member countries. (iii) Niger Basin Commission: to promote co-operation among member states; to ensure an integrated development of the Niger Basin in all fields; promotion of economic activities around the Basin.