REGIONAL ECONOMIC INTEGRATION AND ECONOMIC GROWTH OF NIGERIA (A CASE STUDY OF ECOWAS)
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- NGN 5000
ABSTRACT
This study examined regional economic integration and economic growth of Nigeria using Economic Community of West African States (ECOWAS) as a case study. Specifically, the study aimed to examine whether Nigeria is benefiting from being a member of ECOWAS, whether there is any force of gravity (attraction) between Nigerian economy and other ECOWAS economies, and whether the benefit of an ECOWAS member state depend on the level of trade openness of that state. The study empirically validate its essence in terms of benefits to its member countries in relation to the possible factors that might determine these benefits so as to rationalize the decision to belong in an economic integration. Employing the random effect estimation methods on the longitudinal series from inception of the economic integration till 2014, the study discovered that the member states benefit from being the economic community and these benefits are unequal as shown by the arrow plot. However, the study found out that theses benefits do not depend on the level of openness of each member state. The study therefore recommended that the ECOWAS body should take all necessary actions to ensure that all member states benefit positively.
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