The bank said in a book, the ‘African Economic Outlook,’ that Nigeria’s export to African countries currently stood at 11 per cent of its total exports.
This notwithstanding, the bank said Nigeria had yet to tap into the huge potentialities in the region for growth, economic diversification and integration.
It said that the West African market provided a tremendous opportunity for Nigeria’s financial sector.
The bank also observed that inflation rate, escalating budget deficits in some countries, rising wage bills, increasing domestic interest payments, among others, had hindered full monetary integration of the ECOWAS member states.
It commended Nigeria’s effort to encourage local manufacturing, insisting that the major challenge to manufacturing was poor trade network and infrastructure within the region.