By Peter Egwuatu

Corruption and poor policy formulation and implementation among others have been identified as the challenges to economic integration and sustainable development in Africa.

ECOBANK CEO, Jubril Aku

Speaking at Hallmark Public Policy Forum in Lagos, Tilled “Regional Integration and Challenges of Sustainable Development, the Managing Director/CEO, Ecobank Nigeria Limited,  Mr. Jubril Aku, stated that  socio political divergence, limited national and regional capacities, lack of private sector involvement in planning and implementation, membership issues, and slow ratification of protocols and reluctant implementation of agreed plans are some of the impediment to regional integration.

According to him, “in spite of the existence of the African blocs, that have secretariats and regular technical and ministerial level meetings and summits of heads of state and government, African integration efforts have had limited impact so far.

“Perhaps because reality on the ground does not match ideals in treaties, protocols and MOUs, the degree of integration remains highly superficial. Thus results have been below expectations”

Speaking at the Hallmark public policy forum Aku said  “If Africa and its people are going to rise above the challenges of a fast-paced and amorphous global economic-eco-system, then African leaders need to strengthen or acquire the will to do things differently.

To rise to its full potential, he said Africa must change its poor trade relations with the rest of the world. He believes that one of the ways forward for Africa integration is development, harmonisation and integrating of national and regional financial markets, including elimination of barriers and reducing risks affecting the free movement of labour and capital, cross-border adding that foreign direct investment could be another step.

According to him, “regional integration treaties, protocols, leadership and priorities should be unambiguous in providing binding rules-based frameworks and results-oriented milestones to guide national, sub-regional and regional actions required for envisaged eventual continental integration. Effective monitoring, follow-up and corrective mechanisms should be put in place and enforced. The regional and continental bodies should be adequately staffed and resourced, with authority to act as necessary.

In his remarks, Tunde Lemo, former deputy governor, operations, Central Bank of Nigeria (CBN) said African trade is slow and worrisome “We cannot develop without trading ourselves,” he said.