Economic Integration In West Africa: The Challenges And The Way Forward
SANGOLEYE Johnson
Institute of International Trade and Development, University of Port Harcourt, Nigeria
GARUBA Paul Nurudeen
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Keywords: Africa, Economic, Integration, Trade, Treaty, Union, West
Abstract
The study examined economic integration in the West Africa. The objectives of the study were to examine the challenges of economic integration in West Africa nations and as well determine the way forward to the challenges faced by regional integration in African nations. The study was informed by the fact that West Africa countries are faced with high costs of both consumer and producer goods, trade barriers, uncoordinated monetary and fiscal policy and low production of goods finished goods. The study utilized library method by collecting secondary information on regional integration and identifies the challenges and the suggested ways of solving the problems of regional integration in West Africa nations. The study identified the challenges confronting economic integration in West Africa as; Infrastructure development, absence of clearly defined role for financial institution, language problem, poor governance, multiple currencies, absence of market for West Africa commodities within the region, and leadership problem. Based on the identified challenges, the study suggested that, the need for the major umbrella body that unite West Africa countries together (ECOWAS), to have monetary union as a potent solution to some of the problems. The members of the Union need to throw their political weight towards reviewing the ECOWAS treaty to include formation of monetary union.