The Economic Community of West African States (ECOWAS) is an example of economic integration, which was formally, founded on 28 May 1975 with Nigeria under the administration of Yakubu Gowon and Togo under the administration of late Gnassing Eyadema playing leading roles. The administrative headquarters of the community is in Abuja Nigeria while the fund headquarters is in Lome, Togo. The objectives of ECOWAS include:
- Creation of large market that will cater for the products being produced in the sub region
- Harmonizing agricultural policies
- Adopting a common industrial policy in all member countries
- Stimulating large scale production through industrial development in the member countries
- Encouraging free flow of human and material resources within the sub region
- The Gradual elimination of tariff with regard to the importation and exportation of goods between member nations
- Promoting common projects in areas of marketing and research
- Promoting cooperation and development in all areas such as transport, industry, telecommunications, agriculture, energy, commerce, natural resources, monetary and financial issues as well as social and cultural matters with a view to raising the standard of living of people in member countries
The West African countries can benefit from the integration in terms of making a better use of the available work force, having a wider market for their goods and services, exchanging information of technical nature and enjoying a better condition for specialization more especially when all member countries are endowed with natural resources.
The ECOWAS has however been faced with challenges such as the issue of adopting a common currency, identical goods being produced by the member countries, the imposition of tariffs on commodities being imported by member countries even after many years of establishment, political instability in many of the member nations, language barrier and lack of proper commitment on the part of the francophone members who still have very close economic ties with France, their formal colonial master.