ECOWAS leaders approve plan to speed up integration

West African leaders on Friday agreed on measures to speed up the momentum toward the creation of a single monetary zone by 1 January 2004. In a final communique at the end of their 22nd summit, held in Lome, Togo, on 9-10 December, the nine ECOWAS heads of state and government who attended the meeting backed a Nigerian proposal for an initial group of countries, determined to take the fast track to integration, to take practical measures to integrate their economics. Countries wanting to make the fast track would have to keep their inflation rates at no more than 5 percent and hold foreign reserves equivalent to six months' imports between now and the year 2003, they agreed. Participants also commended Nigeria's decision to lift all tariff and non-tariff barriers to regional trade.