The adoption of a single currency among member-states of the Economic Community of West African States (ECOWAS) by 2020 is under threat because of the free fall in naira value, members of the ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance, have said.
They spoke during a two-day technical meeting in Abuja at the weekend.
They noted that even when various policies have been introduced and at various stages of implementation in member countries, the current economic situation in Nigeria has impacted negatively on the economy of member states.
Outgoing Chairman of the ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance, Ommy Sar Ndaiye, noted that the depreciation of the value of the naira and other economic challenges facing member states, especially Nigeria are affecting the economy of the entire region and plans for the adoption of a single currency in the region.
“The depreciation in value of the naira and other economic factors in Nigeria are affecting ECOWAS. We all know that whatever happens in Nigeria weighs heavily on our economies. If there are challenges there it would reflect on the region,” she said.
While noting that the commission has made remarkable progress in its macroeconomic policies, Ndaiye also urged the committee to chat the way forward for the economy of member states.
She, therefore, urged the committee members to look inward and find better ways to strengthen economic ties within the region.
Also, Commissioner of the ECOWAS Macroeconomic Policy and Economic Research, Mamadou Traore lamented the vulnerability of the economy of member states.
Traore said the meeting was aimed at reviewing the 2015 report, as well as monitor, evaluate and make appropriate recommendations that would help revive the economy of member states.
“Despite efforts by the commission to strengthen the economy of ECOWAS, the economy is still vulnerable to external shocks,” he said.
The commissioner also urged member states to update their database on a regular basis on measures that drives economic growth and also furnish same to the commission for proper information.
He said the 2015 report on the macroeconomic convergence for the region showed a slowdown in the growth of the economy when compared to the year before. Traore identified factors such as lack of raw material, the poor state of infrastructural development in member states countries and the depreciation in value of the naira has been responsible.
The commissioner said since the deadline for the adoption of a single currency is fast approaching, the committee should set agenda to look into the progress made so far as well as identify challenges that may hinder its smooth operation.
The Nation
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