| dc.description.abstract | Economic and monetary integration efforts in West Africa over the past several
decades have been highly problematic. However, with the recent commitment of the
international community and key international institutions to assist Africa bring about
economic advancement, such integration can be achieved. It is within this context of
renewed optimism for Africa that this thesis aims to address the role of law and
institutions in facilitating closer economic integration and eventual monetary union
among the Anglophone states of West Africa
This thesis proposes that legal infrastructure and institutions will help achieve and
sustain the WAMZ monetary union. It argues for the development of appropriate
infrastructural "pillars" for such a union, which would be brought about by
comprehensive regional treaty provisions and structures in conjunction with
complementary domestic legal and institutional reforms. It focuses specifically on the
existence of adequate legal and institutional framework for the integration of the
banking markets, central bank independence, and fiscal management in Member
States.
In assessing these issues, a comparative analysis is provided between the Monetary
Union proposed by the Anglophone West African states (WAMZ) and those of the
Francophone West African states (WAMU) and the European Union. Nigeria is used
as a case study in assessing the state of preparedness of the Member States of this
proposed Union, since it has the largest economy in the sub-region and is the main
political driving force behind the project of integration.
This thesis is divided into two parts comprising six chapters. Part one, consisting of
three chapters, considers the legal and institutional requirements for economic
integration. Chapter One presents the preliminary background by considering the
relevant theories of economic integration and by assessing the benefits and possible
drawbacks of such integration within the context of West Africa. Chapter Two
provides a historical analysis of economic regional efforts in Anglophone West
Africa. This assessment shows that failures of these efforts are attributed, in part, to
inadequate legal and institutional arrangements at the regional level. Chapter Three
considers the domestic legal and institutional requirements for effective participation
in an economic integration arrangement and provides a case study on Nigeria.
Chapters Four to Six constitute part two of the work and assess the legal and
institutional framework for the proposed monetary union. This second part considers,
specifically, whether Member States possess the legal and institutional requirements
for the integration of their banking markets, for the preservation of central bank
independence and for the effective conduct of fiscal management. By using
international standards of best practices, these Chapters assess the adequacy of
relevant institutions in Nigeria, which are necessary preconditions for supporting the
proposed monetary union. | en_US |
