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Eco Currency: "It is first and foremost for Nigeria to show the way" - Gilles Yabi

Muhammadu Buhari was very clear a few weeks ago, when he mentioned in a series of tweets the intention of the countries of the Uemoa zone to replace the Cfa by the Eco before the other states of the ECOWAS. The Nigerian president has in fact let it be known that it is worrying "that a people with whom we wish to join a union take important steps without trusting us for the discussion ". He will add that he had bet enough on the single currency project "to let things be done for simple convenience and convenience".

These remarks by the tenant of Aso Rock had led to believe that the saboteurs of the single currency project came from Uemoa. When Rfi asked Gilles Yabi this Saturday if he shared the same opinion, the founder of the Think tank WATHI first let it be known that this is what is being said in the West African sub-region.

" Nigeria must be the locomotive "

"There is no doubt that the very Francophile Ivorian president has always defended the CFA franc... His statement in Abidjan during the visit of his French counterpart in December 2019, created great confusion between the reforms in the CFA franc zone which only concern Uemoa and the advent of eco.

But when we know the relative economic weights of the countries within the ECOWAS we cannot speak of the errors in the conduct of the single currency project while forgetting that there is only one great power in the ECOWAS, Nigeria ” continued the political analyst and economist. He is convinced that there is no prospect of accelerating such a crucial and complex single currency project without Nigerian impetus.

The country, he recalls, alone represents 70% of ECOWAS GDP. As such, the West African giant is a bit like the project's Alpha and Omega. “Nigeria must be the locomotive and its ambivalence on the single currency is obvious. Whatever direction to take, whether it be the outcome of the project, its postponement to a realistic date, or even its burial, it is first and foremost for Nigeria to show the way and to convince the other countries ” , estimates Gilles Yabi.

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ECOWAS Eco Currency Gilles Yabi Muhammadu Buhari Nigeria


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