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ECOWAS: Western Africa owns 30% of Africa's oil, natural gas reserves

Western Africa owns one third of oil and natural gas reserves of the African continent,  the Economic Community West African States (ECOWAS) announced on Tuesday.of

ECOWAS Commissioner for Energy and Mines Sédiko Douka said West Africa possess 30% of the oil reserves and 30% of natural gas reserves of Africa whose population stands at 330 million, ,according to Radio Africa 1.

West Africa also possesses gold, uranium, bauxite, diamonds, iron and manganese, he said.

Meanwhile, Cote d'Ivoire's trade minister Souleymane Diarrassouba called for drastic reforms to realize the optimal use of such great wealth.

Established on May 28 1975 via the treaty of Lagos, ECOWAS is a 15-member regional group with a mandate of promoting economic integration in all fields of activity of the constituting countries.

Member countries making up ECOWAS are Benin, Burkina Faso, Cape Verde, Cote d’ Ivoire, The Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Sierra Leone, Senegal and Togo

Considered one of the pillars of the African Economic Community, ECOWAS was set up to foster the ideal of collective self-sufficiency for its member states. As a trading union, it is also meant to create a single, large trading bloc through economic cooperation.

Integrated economic activities as envisaged in the area revolve around but are not limited to industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial issues, social as well as cultural matters.

 

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