The Lagos Chamber of Commerce and Industry (LCCI) has advised President Bola Tinubu to use his leadership of the Economic Community of West African States (ECOWAS) to facilitate the implementation of the proposed common currency – ‘eco’ – for the sub-region.
The President of the organized private sector (OPS) group, Dr. Michael Olawale-Cole, in a statement released on Tuesday said the implementation of the eco currency would be a critical success factor for the Nigerian leader.
Describing the emergence of Tinubu’s as ECOWAS Chairman as well-deserved, the LCCI President expressed optimism that the adoption of the “eco” as the sub-region currency would ease the burden of payment and foreign exchange fluctuation with the attendant positive impact on trade in the West African region.
Olawale-Cole pointed out that as the largest economy in Africa, Nigeria was expected to play a significant role in the region and the continent
The industrialist, however, noted that in spite of the continent’s remarkable achievements, there were
Specifically, the OPS leader listed some of the challenges inhibiting smooth trade in the sub-region as including complex regulations, weak payment platforms, security risks, high transportation costs, and corruption.
He further clarified: “Consequently, the region has experienced low trade which has hampered economic growth and development. However, 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”, Olawale-Cole added.
He promised the Nigerian President 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.”
On the just constituted Presidential Committee on Fiscal Policy and Tax Reforms, the LCCI leader pointed out that it would be important for the committee to focus on expanding the tax net to avoid overburdening existing taxpayers.
He listed other issues for the committee’s priority as problems of revenue leakages, such as oil theft, to ensure that the Government can earn more revenue and that there will be less dependence on internal and external borrowings to fund the budget.
The OPS leader stressed: “These efforts will improve Nigeria’s revenue profile and create a more conducive and internationally competitive business environment.”
It would be recalled that Tinubu emerged as the new chairman of the ECOWAS at the 63rd Ordinary Session of the Authority of Heads of State and Government on Sunday in Bissau, Guinea-Bissau.
