Tukur Canvasses Single Currency for Africa
From Cletus Akwaya in Abuja
President of the Africa Business Round Table (ABR), Alhaji Bamanga Tukur yesterday opened private sector's campaign for a single currency for Africa saying, the continent's economy would do better under a single currency.
Tukur, however, said the first step towards achieving the dream of Africa's business leaders in that direction was to begin with the West African Monetary Zone(WAMZ) as proposed by the Economic Community of West African States.
Under the proposal already ratified by the of Heads of States and Governments, the West African common currency - ECO - would come into operation throughout the sub-region on July 1, 2005.
Tukur who is also the Chairman of NEPAD Business Group spoke in Abuja at a meeting of National Sensitization Committee on the WAMZ, noting that a single currency would increase the value of African businesses and economy before international markets and developed economies.
"IN Europe you have the Euro after all the countries fought with France, they now have one currency so it can be done. Nigeria, Ghana and Cote D'Ivoire can accept ECO, we can abandon our Naira and Benin and Togo can abandon the CFA," he told committee members at the meeting drawn from Federal Ministries and Agencies, the media, the organized private sector and other civil society Groups notably the Nigeria Labour Congress(NLC).
He noted that the introduction of a common currency in Europe had made it possible for the international community to treat the European market as a bloc rather than view the potentials of each national market. He said the same advantages would accrue to Africa if a common currency were to be introduced.
"If you give the farmers a single currency, you give the civil society the basis to integrate since agriculture is the bedrock of our economy, there is a value chain from farming to transportation to agro-allied industries and so on," he observed.
The ABR President advised Nigerians to be prepared to embrace the change that will come with the introduction of a common currency in the West African sub-region adding, "the common currency would lead to better understanding and deepen the process of integration."
He advised Immigration and Customs officers working at the entry points to get more familiar with the relevant protocols on free movement of people and goods within the sub-region in order for the objectives of integration to be achieved.
Tukur disclosed that from his understanding of President Olusegun Obasanjo's dream for Africa, he would like to lay a solid foundation for the future integration of the continent as the current chairman of the African Union(AU).
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