A civil society organisation under the auspices of Civil Society Legislative Advocacy Centre (CISLAC) and State of the Union in Africa (SOTU) has tasked African leaders on the establishment of common currency and African Central Bank as part of measures to boost economies at the continental level.
The group which requested all African states that comprise African Union to start considering common economic front in terms of common currency and entry documents as well as African Central Bank that will be located in Abuja, the Capital of Nigeria being the main entre of African politics and economy.
Speaking at a special press conference held in Abeokuta on Wednesday to commemorate the establishment of Organisation of African Unity(OAU), now African Union (AU), Okeke Anya, Chairman, State of the Union (SOTU), noted that it was high time African countries broke political and economic barriers that impede socio-economic development.
Anya submitted that the lingering internal security challenges and dwindling economic status of the continent, especially Nigeria, the largest economy in Africa, could be effectively tackled if Africans saw themselves as indivisible by removing political and economic barriers and establishing Central Bank, common currency and documents.
He said, “CISLAC and SOTU note with grave concern the dwindling influence of Nigeria on the continent in recent times. Saddened by the lingering internal insecurity challenges, and most recently a sharp fall in the country’so foreign exchange earnings which can only mean a drop in revenue and economic fortunes.
There is a need for the country to understand that a more integrated African can act as an elixir for rediscovery and improvement of the country’s resources. As a country that has continued to live up to its financial obligation to the AU, the need for better compliance with AU Policy Standards and other instruments of the Union is ever imminent.
“There an African Union instruments on foreign currency. By the way, who knows there is supposed to be an African Central Bank? But, where is the African Central Bank? Where is common currency? There is an African Central Bank, it is supposed to be in Abuja. There is a resolution passed on African Central Bank, and that Central Bank is to be created in Abuja.
“So, these are the things that we believe, to having an African integration and that will make business easy. I don’t need to carry Naira when I am going to Ghana or Cedi when they are coming here. They (African leaders) should just make business easy for people.”
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
