The
treaty establishing ECOWAS was signed in Lagos on May 28th 1975 with
15members (but now 16).
treaty establishing ECOWAS was signed in Lagos on May 28th 1975 with
15members (but now 16).
The
members are:
members are:
1.
Nigeria
Nigeria
2.
Guinea Bissau
Guinea Bissau
3.
Cameron Republic
Cameron Republic
4.
Ivory Coast
Ivory Coast
5.
Mali
Mali
6.
Gambia
Gambia
7.
Ghana
Ghana
8.
Niger Republic
Niger Republic
9.
Guinea Conakry
Guinea Conakry
10.
Togo
Togo
11.
Senegal
Senegal
12.
Burkina Faso, formally Upper Volta
Burkina Faso, formally Upper Volta
13.
Sierra Leon
Sierra Leon
14.
Mauritania
Mauritania
15.
Liberia
Liberia
16.
Benin Republic
Benin Republic
Aims
and objectives of ECOWAS
and objectives of ECOWAS
The
treaty provides that the community shall achieve the following specific
objectives in stages
treaty provides that the community shall achieve the following specific
objectives in stages
1.
To establish quantitative and administrative restrictions on trade among
the member state
To establish quantitative and administrative restrictions on trade among
the member state
2.
To establish a common custom tariff and a common commercial policy
towards 3rd world countries
To establish a common custom tariff and a common commercial policy
towards 3rd world countries
3.
To abolish (between member states) obstacles to the free movement of
persons, services and capital
To abolish (between member states) obstacles to the free movement of
persons, services and capital
4.
To implement schemes for the joint development of transport,
communication, energy and other infrastructural facilities as well as the
evolution of a common policy of the member states
To implement schemes for the joint development of transport,
communication, energy and other infrastructural facilities as well as the
evolution of a common policy of the member states
5.
To harmonize the economic and industrial policies and eliminate
disparities in the level of development of member state
To harmonize the economic and industrial policies and eliminate
disparities in the level of development of member state
6.
To establish a fund for corporation, compensation and development
To establish a fund for corporation, compensation and development
7.
To carry out such other activities designed to further the aims of the
community as the member states may from time to time undertake in common
To carry out such other activities designed to further the aims of the
community as the member states may from time to time undertake in common
In
order to achieve these objectives, the treaty prescribes the establishment of a
custom union phased over a period of 14years and that a tribunal saddled with
the responsibility of interpreting treaty – should there be any dispute, was
established
order to achieve these objectives, the treaty prescribes the establishment of a
custom union phased over a period of 14years and that a tribunal saddled with
the responsibility of interpreting treaty – should there be any dispute, was
established
The
contributions of ECOWAS to Nigerian Business
contributions of ECOWAS to Nigerian Business
1.
It encourages and increases smooth trade between Nigeria and other
member nations with the removal of custom/tariff duties
It encourages and increases smooth trade between Nigeria and other
member nations with the removal of custom/tariff duties
2.
It increases the extent of market for Nigerian goods/services
It increases the extent of market for Nigerian goods/services
3.
It has improved both economic and industrial development of Nigeria
because people from other member countries trade freely with Nigerians
It has improved both economic and industrial development of Nigeria
because people from other member countries trade freely with Nigerians
4.
ECOWAS is now implementing the construction of multi million naira worth
of road linking all ECOWAS states as well as a common currency for the
sub-region. The road network has been achieved, it remains to be seen whether
member countries will surrender to the common currency initiative. After all Europe
has the euro as their common currency. If these plans are implemented they will
improve business activities in the sub-region. The common currency initiative
is due to come into being before the turn of the decade
ECOWAS is now implementing the construction of multi million naira worth
of road linking all ECOWAS states as well as a common currency for the
sub-region. The road network has been achieved, it remains to be seen whether
member countries will surrender to the common currency initiative. After all Europe
has the euro as their common currency. If these plans are implemented they will
improve business activities in the sub-region. The common currency initiative
is due to come into being before the turn of the decade
5.
ECOWAS has helped in the harmonization of agricultural policies and the
promotion of the common project in the member states in the field of marketing,
transport, research, agro-industrial enterprises. A very good example is the joint
sugar production venture between Nigeria and Togo. The joint cement production
between Nigeria and Benin Republic. Also in finance resulting in the creation
of ECOBANK that links on-line with its branches in all member state
ECOWAS has helped in the harmonization of agricultural policies and the
promotion of the common project in the member states in the field of marketing,
transport, research, agro-industrial enterprises. A very good example is the joint
sugar production venture between Nigeria and Togo. The joint cement production
between Nigeria and Benin Republic. Also in finance resulting in the creation
of ECOBANK that links on-line with its branches in all member state
6.
The monetary system set up by ECOWAS enables Nigerian Business
enterprises to transfer money easily
with other member states
The monetary system set up by ECOWAS enables Nigerian Business
enterprises to transfer money easily
with other member states
7.
ECOWAS has contributed immensely to the peaceful co-existence of member
state
ECOWAS has contributed immensely to the peaceful co-existence of member
state
8.
ECOWAS has promoted business activities among member states e.g. ECOWAS
sponsored the Darker Senegal trade fare for the West African Industrial Forum
every 2years
ECOWAS has promoted business activities among member states e.g. ECOWAS
sponsored the Darker Senegal trade fare for the West African Industrial Forum
every 2years
9.
ECOWAS formed military defences – ECOMOG to quell wars in Liberia and
Sierra Leone in the days of the belligerence of Charles Taylor and Fodey Sanko.
That part of the sub region is today at peace. It is sad that today Charles
Taylor has been granted asylum in Calaba, Nigeria after the atrocities he
unleashed on innocent Nigerians
ECOWAS formed military defences – ECOMOG to quell wars in Liberia and
Sierra Leone in the days of the belligerence of Charles Taylor and Fodey Sanko.
That part of the sub region is today at peace. It is sad that today Charles
Taylor has been granted asylum in Calaba, Nigeria after the atrocities he
unleashed on innocent Nigerians
