The Lagos Chamber of Commerce and Industry (LCCI) has congratulated President Bola Tinubu on his recent election as the Chairman of the Economic Community of West African States (ECOWAS), affirming that the engagement is a laudable feat and well deserved.
LCCI President/Chairman of the Council, Asiwaju Michael Olawale-Cole in a congratulatory message said Tinubu’s 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), adding that as he (Tinubu) admitted in his acceptance speech, insecurity and creeping terrorism have stunted the progress and development of the region and must be dealt with.
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The message reads in Part “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 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 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”.
The Chamber pledged to assist in whatever ways possible in ensuring Tinubu’s success as the ECOWAS Chairman and to actualize the dreams of ECOWAS.
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