Obasanjo to ECOWAS: Adopt Single Currency to Boost Regional Trade

By Dipo Olowookere

Former Nigerian President, Mr Olusegun Obasanjo has advised the Economic Community of West African States (ECOWAS) to consider the adoption of a single currency for member countries in order to boost trade in the region.

The Ogun State-based farmer gave this suggestion on Thursday at the 24th Annual General Meeting (AGM) of the African Export-Import Bank (Afreximbank) in Kigali, Rwanda.

He said if this was done, the level of trade in the region will increase to over 50 percent from the present 25 percent.

Mr Obasanjo even suggested what the adopted currency can be called, ‘ECO’.

A similar move was made by European countries under the European Union (EU), which adopted Euro as its common currency, though the United Kingdom, a member of the group, did not give up its local currency, Pound Sterling, like other member states.

Mr Obasanjo, who addressed the gathering on the theme ‘Can Regional Economic Communities Work for Africa: Lessons from a Founding Father,’ called on ECOWAS to act fast now to boost trade in the region.

“There is need for ECOWAS to adopt a common currency at this time to boost regional trade.

“I don’t know why the ECO currency has not yet been adopted after regional leaders put this forward,” Mr Obasanjo expressed surprise.