Economic Community of West African State (ECOWAS)

Economic Community of West African State (ECOWAS) was established on 28th May 1975 when the heads of states and government of 15 independent West African Countries met in Lagos, then the capital of Nigeria. 

ECOWAS was established to foster regional economic cooperation, Unity economic growth and development.

To eradicate the exploitative tendencies of colonialism.

ECOWAS citizens are guaranteed free entry without a visa for a period of ninety (90) days within member countries. 

Aims and objectives of Economic Community of West African State (ECOWAS)

1. To create a common market 

2. To eliminate customs duties and other charges among member states

3. To eliminate poverty among member states

4. To ensure economic stability in the member countries

5. To harmonies industrial, infrastructural and agricultural policies

6. To ensure success in the struggle against economic domination by foreign forces

7. Integration of both fiscal and monetary policiesCentral banks use monetary policy to manage economic fluctuations and achieve price stability, which means that inflation is low and stable. More

Achievement of Economic Community of West African State (ECOWAS)

i. Mutual agreement on peace and defense matters of member nations

ii. The free movement of the members of the ECOWAS nation: ECOWAS citizens are guaranteed free entry without a visa for a period of ninety (90) days within member countries. 

iii. It has improved the standard of living of the member countries

iv. It has led to cultural and social cooperation among members states

v. To promote expansion in regional market

Advantages of Economic Community of West African State (ECOWAS)

1. Free Trade: Citizens of member countries are free to trade with one another

2. ECOWAS has lead to economic growth and development of member states

3. Large market: The integration has brought about a very large market within the sub-regions

4. Improved standard of living for member states

5. There is free movement of labour and capital

6. Reduction in Tariff

Disadvantages or Problem of Economic Community of West African State (ECOWAS)

1. Shortage of funds to carry out its programmes

2. Problem of policy implementation

3. Problem of currency differences

4. Problem of language

5. Fiscal and monetary differences

6. Escalation of smuggle

7. Problem of congestion as a result of the free movement of citizens of its member states tends to create congestion in some countries with vibrant economies.