The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency
In 1980, the OAU Extraordinary Summit adopted the Lagos Plan of Action as a major step towards the goal of integration.
The commitments in this Plan and the Final Act of Lagos were translated into concrete form in Abuja, Nigeria in June 1991 when the OAU Heads of State and Government signed the Treaty establishing the African Economic Community (AEC) during the 27th Ordinary Session of the Assembly
There is an explanation video available below.
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