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By Merit Ibe
The Lagos Chamber of Commerce and Industry (LCCI) has urged the new Economic Community of West African States (ECOWAS) Chairman, President Bola Tinubu to support the implementation of Eco, the proposed common currency for ECOWAS.
President of the chamber, Dr Michael Olawale-Cole, made the remark in his congratulatory message to Tinubu on his appointment as chairman of the ECOWAS.
Olawale-Cole noted that the eco currency will ease the burden of payment & Forex fluctuation and the attendant impact on trade.
He said his election came at a time when the ECOWAS region’s member states are positioning themselves to be integrated into the African Continental Free Trade Area (AfCFTA).
“As you stated in your acceptance speech, insecurity and creeping terrorism have stunted the progress and development of the region and must be dealt with.
As the largest economy in Africa, Nigeria is expected to play a significant role in the region and the continent as a whole.”
He pointed out that there were still a number of barriers inhibiting the free flow of goods and services within the region, such as onerous regulations, weak payment platforms, security risks, high transportation costs and corruption.
“Consequently, the region has experienced low trade which has hampered economic growth and development. However, despite these limitations, Nigeria is still held in a high standard, especially in terms of setting policy direction on issues affecting the region.”
Olawale-Cole is hopeful that under his leadership as ECOWAS chairman, the issues that affect trade would be appropriately dealt with, promising that the chamber will assist in whatever ways possible in ensuring his success and to actualise the dreams of African communities.
