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Photos Of Buhari At The 4th Meeting Of Presidential Task Force on ECOWAS Single Currency In Niger

Nigerias President, Muhammadu Buhari participates at the 4th Meeting of the Presidential Task Force on ECOWAS single currency holding in Niamey, Niger Republic today being 24th October 2017. This is the 4th meeting on this issue of single ECOWAS currency.

According to Punch, President Buhari urged its members to tread carefully in pushing for a single currency in the sub-region by 2020. He cited the challenges faced by the European Union in realizing the same goal to buttress his position.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President made his position known in his speech at the fourth meeting of the Presidential Task Force on the ECOWAS Currency Programme. Buhari said the necessary economic fundamentals among countries continue to differ over the years, making it more difficult to pull through with the project by 2020.

The speech reads in part;

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union. “To that end, Nigeria will caution against any position that pushes for a fast-track approach to monetary union, while neglecting fundamentals and other pertinent issues,” the President was quoted as saying.

“Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on the information presented to the Heads of State which were the basis for their recommendations, we are concerned that we have not properly articulated and analysed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concerns.”

The President told the Heads of State that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

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