Corruption, week infrastructure and poor policy support have been identified as the challenges to regional economic integration and sustainable development.
Other impediments include socio-political divergence, limited national and regional capacities, and lack of private sector involvement in planning and implementation, membership issues, and slow ratification of protocols and reluctant implementation of agreed plans.
Jibril Aku, managing director, Ecobank Nigeria Limited, says in spite of the existence of the African blocs that have secretariats and regular technical and ministerial level meetings and summits of heads of state and government, African integration efforts have had limited impact so far.
“Perhaps, because reality on ground does not match ideals in treaties, protocols and MoUs, the degree of integration remains highly superficial. Thus results have been below expectations,” he says.
If Africa and its people are going to rise above the challenges of a fast-paced and amorphous global economic-eco-system, then African leaders are going to have to strengthen or acquire the will to do things differently, Aku said, while speaking at the Hallmark Public Policy forum, in Lagos, Tuesday.
To rise to its full potential, he said Africa must change its poor trade relations with the rest of the world. He believes that one of the ways forward for Africa integration is development, harmonisation and integrating of national and regional financial markets, including elimination of barriers and reducing risks affecting the free movement of labour and capital a cross border, as foreign direct investment could be another step.
In his remarks, Tunde Lemo, former deputy governor, operations, Central Bank of Nigeria (CBN), said African trade was slow and worrisome, as “we cannot develop without trading ourselves.”
