Regional Integration in West Africa and Globalisation of Nigerian Direct Foreign Investments

After successive developmental strategies have not appreciably improved Africa's economic situation since the 1960s, a decade of independence, but indeed, have contributed to Africa's stagnation, African leaders, at the dawn of the 21st century, grasped the sobering fact that Africa's salvation lies not only on embarking on radical socio-economic transformation of their societies/economies but also adopting policies of collective self-reliance through economic and political integration. This study examines regional economic integration in West Africa within the context of challenges of globalisation and argues that Nigerian enterprises should take advantage of the ECOWAS Protocol on Free Movement of Capital, services annexed to the Treaty of Lagos, 1975 and Goods and frantic efforts at West African monetary integration and relocate their production facilities, among others, to the West African sub-region. The paper is divided into four parts. Part I examines the theory of economic integration, levels of integration, preconditions for successful integration and benefits of economic integration. With the Lagos Plan of Action and Final Act of Lagos as a point of departure, Part II evaluates the Treaty establishing the Economic Community of West African states within the context of globalization while Part III examines the options for Nigerian enterprises. The Conclusion then follows.