The Lagos Chamber of Commerce & Industry (LCCI) has congratulated President Bola Ahmed Tinubu on his Chairmanship of ECOWAS describing it as laudable and well deserved. This was done on behalf of the Council and Members of the LCCI by the President and Chairman of Council, Asiwaju Dr. Michael Olawale-Cole, CON, MFR, FNIM, CNIM, FIoD
According to the letter cited by News Wings NG, “Your election has come at a time when the ECOWAS region’s member states are positioning themselves to be integrated into the African Continental Free Trade Area (AfCFTA). As you stated in your acceptance speech, insecurity and creeping terrorism have stunted the progress and development of the region and must be dealt with.”
As the largest economy in Africa, Nigeria is expected to play a significant role in the region and the continent as a whole. However, despite its significant achievements, there are still a number of barriers inhibiting the free flow of goods and services within the region, such as onerous regulations, weak payment platforms, security risks, high transportation costs, and corruption.
Consequently, the region has experienced low trade, hampered economic growth and development. However, despite these limitations, Nigeria is still held in a high standard, especially in setting policy direction on issues affecting the region.
LCCI recommends that under your able leadership, the issues that affect trade would be appropriately dealt with. A critical success factor would be to support the implementation of the eco (the proposed common currency for ECOWAS). This will ease the burden of payment & Forex fluctuation and the attendant impact on trade.
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.
LCCI promised to assist in whatever ways possible in ensuring the success of the President as the ECOWAS Chairman and to actualize the dreams of ECOWAS.
