**A. Appendix**

• The financial system in the sub-region is yet to be integrated. A recent study [8] clearly discusses the implications of non-integration of the financial system.

*Regression results. Dependable variables:Yg Number of observations: 304Method: Least squares (panel)Period:*

**Variables Coefficient Standard error t**

*<sup>Y</sup>* �0.0929 0.0439 2.11\* Gcf 0.1551 0.0565 2.75\* Inf �0.0552 0.0152 3.63\* Infant mortality �0.0585 0.0488 1.20\*\* Openness 2.8981 0.9353 3.10\* Cag 0.1325 0.0463 2.86\* Constant �14.3780 6.0257 2.39\*

• Ratification of protocols. Several protocols agreed upon by member countries

Furthermore, we examined the relationship between economic growth and relevant economic variables for the period of 1980–2017. After almost 43 years at economic integration effort, what has been the precise link between capital expenditures, openness, broad money supply, private investment and inflation to growth?

(private investment); Infant mort = infant mortality rate; Inf = inflation; Open-

It should be noted that some of the variables, for example, delinking with France, discussed above cannot be captured in the regression due to lack of data.

We examined the integration efforts of ECOWAS which was established in 1975 and argued that the stylized facts suggest that there are still fundamental challenges if the union has to be a reality. The convergence criteria set by the WAMZ component of ECOWAS as well as the link between the Franco-phone countries and

The regression results indicate that broad money supply, inflation and infant mortality (a proxy for capturing development) are negatively related to growth and are statistically significant at 5 percent and 10 percent, respectively. Openness, gross capital formation and capital expenditures are positively related and statistically significant. The properly signed openness variable indicates the importance of trade in the sub-region. The explanatory power is weak; hence the results need to be

*:*0*:*14; *F*ð Þ¼ 7, 290 3*:*25; ð Þ2

*<sup>Y</sup>* = broad money supply; gcf = gross capital formation

are yet to be ratified by their respective parliaments.

*R*2

ness = openness; Cag = capital expenditure (public investment).

The results are presented in **Table 8**.

Yg = growth of GDP; *<sup>m</sup>*<sup>2</sup>

*m*<sup>2</sup>

*Regional Development in Africa*

*\**

**Table 8.**

*Significant at 5%. \*\*Significant at 10%.*

*1980–2017Fixed effects*

interpreted with caution.

**92**

**5. Conclusion and recommendation**

#### **Table A1.**

*Number of primary convergence criteria met by Member States (2001–2015).*


*Source: WAMI, Annual Report and Statement of Accounts.*

*The inflation threshold used for computing the deviation is 9.9 percent. A negative value means a country is within the threshold, while a positive value implies a country is above the threshold.*

#### **Table A2.**

*Member States' deviation from inflation threshold.*


*Source: WAMI, Annual Report and Statement of Accounts (various issues).*

*The fiscal deficit/GDP threshold used is 3.0 percent. A negative value indicates a country is within the threshold, while a positive value implies a country is above the threshold.*

## **Table A3.**

*Member States' deviation from fiscal deficit threshold.*


*Source: WAMI, Annual Report and Statement of Accounts (various issues). The central bank financing threshold used is 10.0 percent. A negative value indicates a country is below the threshold, while a positive value implies a country is above the threshold.*

#### **Table A4.**

*Deviation from central bank financing threshold.*


**Author details**

Akpan H. Ekpo1,2

**95**

1 Department of Economics, University of Uyo, Uyo, Nigeria

*Economic Integration in West Africa: A Reconsideration of the Evidence*

*DOI: http://dx.doi.org/10.5772/intechopen.86655*

\*Address all correspondence to: ahekpo@gmail.com

provided the original work is properly cited.

2 Foundation for Economic Research and Training (FERT), Uyo and Lagos, Nigeria

© 2020 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium,

*Source: WAMI, Annual Report and Statement of Accounts (various issues). The GRMI threshold used is 3.0. A positive value implies a country is above the threshold (favorable development), while a negative value indicates a country is below the threshold (unfavorable development).*

#### **Table A5.**

*Deviation from external reserves (in months of import cover) threshold.*

*Economic Integration in West Africa: A Reconsideration of the Evidence DOI: http://dx.doi.org/10.5772/intechopen.86655*
