The Lagos Chamber of Commerce and Industry (LCCI) has urged President Bola Tinubu to use his leadership of the Economic Community of West African States (ECOWAS) to drive the implementation of the proposed common currency for the sub-region, “eco”.
LCCI President, Dr Michael Olawale-Cole, in a statement on Tuesday, said the implementation of the eco currency would be a critical success factor for Tinubu.
He described Tinubu’s emergence as ECOWAS leader as a laudable and well-deserved feat.
Speaking further on the eco currency, he said it would ease the burden of payment and foreign exchange fluctuation and the attendant impact on trade in the West African region.
Olawale-Cole noted that as the largest economy in Africa, Nigeria was expected to play a significant role in the region and the continent as a whole. He, however, noted that in spite of the continent’s significant achievements, there were still a number of barriers inhibiting the free flow of goods and services within the region.
The LCCI president listed some of the challenges inhibiting smooth trade in the sub-region to include onerous regulations, weak payment platforms, security risks, high transportation costs, and corruption.
According to him, as a result of this, the region has experienced low trade which has hampered economic growth and development but noted that despite these limitations, Nigeria is still held to a high standard, especially in terms of setting policy direction on issues affecting the region.
“LCCI recommends that under your able leadership, the issues that affect trade will be appropriately dealt with. We are assured that your wealth of knowledge, commitment, and track record of governance and leadership will undoubtedly be a significant advantage as you tackle the challenges currently facing the region” he said.
Olawale-Cole assured President Tinubu of the readiness of the Chamber “to assist in whatever ways possible in ensuring your success as the ECOWAS Chairman and to actualize the dreams of ECOWAS.”
