Buhari advocates collaboration with WABA, other stakeholders
By Jeph Ajobaju, Chief Copy Editor
Muhammadu Buhari has urged banks and other institutions in the Economic Community of West African States (ECOWAS) to collaborate and solve economic challenges in the region.
He told a delegation from the West African Bankers Association (WABA), who visited him in Aso Rock, that West Africa must find a common understanding and ground to address low access to financial services and recovery from the pandemic.
WABA was founded in 1981 and has as members more than 250 commercial banks and 15 institutions from across West Africa.
The President reminded the team, led by WABA by President Thierno Seydou Nourou Sy, that for many centuries, African countries have traded with one another without a formalised and structured system.
Global trade has become more complex and organised, he reiterated.
Exporting finished products
Buhari expressed confidence that the rollout of the African Continental Free Trade Area (AfCFTA) would be a turning point in how African countries trade with each other.
”More importantly,” he stressed, “we will turn the page in ensuring that we deepen and expand our industrial capabilities by making sure we export less of what we have been endowed with in primary or raw form, and convert larger portions of these resources into finished materials.
”That will allow us to benefit from the revenue earned from the added value of exporting a finished product.
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Synchronising monetary and fiscal policies
”Our ability to overcome the current phase of our development lies in our resolve to work jointly via our regional and sub-regional organisations where we can all reach a common understanding to fight against a common enemy,” Buhari added.
”This is one of the reasons I am delighted with the strides ECOWAS has been making towards unanimity and forging alliances with a goal to resolve issues that confront the sub-region.
”I believe that this is also the approach that is being followed in the West African Bankers’ Association and the West African Monetary Union.”
Buhari urged WABA to find a common ground to synchronise monetary and fiscal policies, despite the unique macroeconomic challenges each member-state faces.
He pledged that Nigeria is ready to support efforts geared towards improving the lives of all its citizens ”as long as they do not place us at a disadvantage.”
Sy applauded the lead role Nigeria plays in the African economy, adding that Buhari’s leadership is also well appreciated.
“That’s why we are here for counsel and guidance for the financial sector in West Africa,” he said.
Sy implored Buhari to advocate for greater inclusion for WABA in the ECOWAS structure. He said one of the challenges of the banking system is capacity building and urged Nigeria to set up a training academy for the industry.