"The [Economic Community of West African States (ECOWAS)] sub-region, comprising of Nigeria (a dominant economy and oil-producing) and a majority of oil-importing countries presents a unique feature whichmakes it important to understand the dynamics in the price of oil and its implications on key macroeconomic variables. Under the ECOWAS Monetary Cooperation Programme, fluctuations in oil prices affect, directly or indirectly the primary convergence criteria." (Quoted from "Introduction")