Treaty of Lagos
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The Economic Community of West African States (ECOWAS) was created by the Treaty of Lagos on May 28, 1975 in Lagos, Nigeria. ECOWAS was established to promote cooperation and integration in order to create an economic and monetary union for promoting economic growth and development in West Africa. ECOWAS has encountered many problems in the process of regionally integrating West Africa, including: political instability and lack of good governance that has plagued many member countries; the insufficient diversification of national economies; the absence of reliable infrastructure; and the multiplicity of organizations for regional integration with the same objectives. Several ECOWAS-member countries are currently part of the West African Monetary Union (UEMOA), a regional economic and monetary union which shares a common currency (the CFA franc). The Francophone-countries of Benin, Burkina Faso, Cote d'Ivoire, Mali, Niger, Senegal and Togo, with Guinea Bissau (Lusophone), comprise UEMOA.
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