ECOWAS, based in Abuja, Nigeria, was established on 28^th May 1975 as a community of fifteen Member States. It was created as a Regional Economic Community aiming at promoting cooperation and development, abolishing trade restrictions, removing the obstacles to the free movement of people, goods and services, and harmonising sectoral policies. The overriding objective of the establishment of ECOWAS is the establishment of a Common Market, and the creation of a Monetary Union characterized by a single currency and a common Central Bank. Its mission is to promote economic integration in all fields of economic activity, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters.