President Muhammadu Buhari on Tuesday called on executives of banking institutions in West Africa to forge a closer collaboration to tackle the economic challenges confronting the sub-region.
A statement issued by the Special Adviser to the President on Media and Publicity, Chief Femi Adesina said Buhari stated this while receiving a delegation from the West African Bankers Association (WABA), led by its President, Thierno Seydou Nourou Sy.
President noted that the sub-region must find a common understanding and ground to address low access to financial services and recovery from the post-COVID-19 pandemic.
He told the association, founded in 1981, which brings together over 250 commercial banks and 15 institutions from across West Africa, that, for many centuries, African countries have traded with one another without a formalized and structured system.
The President, however, noted that over time, global trade has become more complex and organized.
Buhari expressed confidence that the rollout of the African Continental Free Trade Area would be a turning point in how African countries trade with each other.
”More importantly, 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 within 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,” he said.
Speaking further, Buhari declared: ”Our ability to overcome the current phase of our development lies in our resolve to work jointly via our regional and sub-regional organizations where we can all reach a common understanding to fight against a common enemy.
“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.”
Commenting on ongoing efforts to synchronize monetary and fiscal policies through WABA, the President challenged the association to work towards finding a common ground, despite the unique macro-economic challenges that each member-state faces.
He pledged that Nigeria would always be ready to support efforts that are geared toward improving the lives of all its citizens ”as long as they do not place us at a disadvantage.”
The WABA President lauded the lead role of Nigeria in the African economy, adding that Buhari’s leadership was also well appreciated.
”That’s why we are here for counsel and guidance for the financial sector in West Africa,” he said.
While urging Buhari to be an advocate for greater inclusion for WABA in the ECOWAS structure, he also noted that one of the challenges with the banking system was capacity building, and urged Nigeria to set up a training academy for the industry.