Theory question 111
International Economic OrganisationsSection B (answer four questions only from this section)
(a) Explain the term economic integration.
(b) Highlight any four problems of economic integration in West Africa.
Show the model answer
(a) Economic integration is the coming together of countries, usually in a region, to remove trade barriers and co-ordinate economic policies for mutual benefit, e.g. ECOWAS.
(b) Any four: Uneven development among members and fear of domination by bigger economies (e.g. Nigeria).
Differences in currencies and monetary/fiscal policies.
Political instability and differences in ideology.
Loyalty to former colonial powers (Anglophone/Francophone divide).
Poor transport and communication links.
Members produce similar primary goods, so little to trade with one another.
Reluctance to give up sovereignty and customs revenue.
Language barriers.
Inadequate funding of the community.
Define then list four problems with short explanations.