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2022 WAEC Economics Theory (a) What is economic integration? (b) Outline any three short-comings of the Economic Community of West...

Economics
WAEC 2022

(a) What is economic integration?
(b) Outline any three short-comings of the Economic Community of West African States (ECOWAS)
(c) Highlight any three achievements of the Economic Community of West African State (ECOWAS)

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Explanation

(a) Economic integration is an arrangement among nations that typically includes the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies.

(b) - Political instability: Political instability in member states results in a different approach to ECOWAS issues by leaders of member states.
     - Inadequate finance: Many member states do not fulfill their financial obligation as at and when due. This is cripping the effective operation of ECOWAS.
     - Colonial linkage: This is another factor affecting ECOWAS. Francophone nations that are members of ECOWAS may not lend their weight to matters of the organization that will negatively                         affect France.

(c) - Road construction between big cities: The highways Lagos-Abidjan, and Nouakchott-Lagos have made commuting much easier than it was before. The road network Elubo-Alflao-Lagos is one of         the achievements.
     - The relations between the Anglophone and Francophone have been stabilized. It has been done thanks to ECOWAS passport. It has significantly eased the movement of people within those                 areas.
     - Telephone network for the member states: Nowadays, interconnection is available for all countries of the African Union.


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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995