ECOWAS was set up to foster the ideal of collective self-sufficiency for its member states. As a trading union, it is also meant to create a single, large trading bloc through economic cooperation.It is now considered one of the pillars of the African Economic Community.
The ECOWAS was established via the signature of the treaty of Lagos on May 28th 1975.
Comprised of 15 member-states, ECOWAS encompasses 5,112,903 sqkm as well as about 340 million people. Its combined GDP reaches $734.8 billion.
ECOWAS aims at creating a borderless region, with free movement, access to efficient education and health systems.
A handful of member-states within ECOWAS, namely, Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone also plan on creating a common currency called the Eco.
It also serves a peacekeeping purpose in the region, which allows its member-states to serenely prosper and show some of the biggest growth rates in Africa.