Regional Integration And Economic Development In African Nations
HAMMAJUMBA Mohammed
Institute of International Trade and Development, University of Port Harcourt, Nigeria
SANUSI Tasiu Saulawa
Institute of International Trade and Development, University of Port Harcourt, Nigeria
Keywords: African, Diversify, Economic development, Integration, Regional
Abstract
The paper examined regional integration and economic development in African nations. The objectives of the study were to examine the factor that hinders the progress of regional integration in African nations; and examine the contribution of regional economic integration to the growth and development of African nations. The study used library science method to obtained secondary information. The study identified that the following factors hinders regional integration and economic development of African nations: Homogeneity of goods, Ideology differences, insufficient foreign exchange, Poor infrastructural facilities, Political instability, Language barrier, Trade preference with non-members, Developmental level differences, and trade in primary goods. Also, the study showed that regional integration contributes to the growth and development of the African trade zone through economic diversification, trade creation, employment opportunities and attraction of foreign direct investment (FDI). Based on the findings, the study suggested that – members of regional economies should strive to diversify their exports to member countries, improve infrastructure, ensure political stability, and adhere to community policies