President Muhamadu Buhari on Tuesday in Niamey,
Republic of Niger, urged member countries of the Economic Community of West
African States to tread carefully in pushing for a single currency in the
sub-region by 2020.
He cited the
challenges faced by the European Union in realising the same goal to buttress
his position.
According to a
statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the
President made his position known in his speech at the fourth meeting of the
Presidential Task Force on the ECOWAS Currency Programme.
Buhari said the
necessary economic fundamentals among countries continue to differ over the
years, making it more difficult to pull through with the project by 2020.
“Nigeria advises
that we proceed cautiously with the integration agenda, taking into
consideration the above concerns and the lessons currently unfolding in the
European Union.
“To that end,
Nigeria will caution against any position that pushes for a fast-track approach
to monetary union, while neglecting fundamentals and other pertinent issues,”
the President was quoted as saying.
Buhari noted that
some of the obstacles to realising the roadmap for the implementation of a
single currency include diverse and uncertain macro-economic fundamentals of
many countries, unrealistic inflation targeting based on flexible exchange rate
regime and inconsistency with the African Monetary Co-operation Programme.
The President said
domestic issues in ECOWAS member countries relating to their constitutions and
dependence on aids continue to affect the framework for implementing the single
currency in the sub-region
He said, “Although
the ECOWAS Commission has anchored its pursuit of the new impetus to monetary
integration on the information presented to the Heads of State which were the
basis for their recommendations, we are concerned that we have not properly
articulated and analysed a comprehensive picture of the state of preparedness
of individual countries for monetary integration in ECOWAS by 2020.
“In previous
meetings, we had specifically raised observations on the state of preparedness
of the member states, the credibility of the union if anchored on watered down
criteria, and the continuing disparities between macroeconomic conditions in
ECOWAS countries, amongst others. And I would like to reiterate these concerns.”
The President told
the Heads of State that the conditions that pushed Nigeria into withdrawing
from the process in the past had not changed.
News
Source: - Punch | October 24, 2017.
Photo Source: - Vanguard | October 24, 2017.
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