Nigeria puts the brakes on W. African single currency

By Rafiu Ajakaye

LAGOS, Nigeria (AA) - Nigerian President Muhammadu Buhari Tuesday dashed hopes of introducing a single currency by 2020 in certain countries of West Africa citing a lack of "economic fundamentals".

Buhari was in the Nigerien capital of Niamey for a high level Economic Community of West African States (ECOWAS) meeting along with Presidents Nana Akufo-Addo of Ghana, Ivory Coast's Alassane Ouattara, Faure Gnassingbe of Togo and host President Mahamadou Issoufou.

"President 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," a government statement said.

Nigeria represents the region's biggest economy.

Buhari added that "domestic issues in ECOWAS member countries relating to their constitutions and dependence on aids continue to affect the framework for implementing the single currency in the sub-region".

“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," added the statement.

The idea of a single ECOWAS currency has been discussed for nearly 20 years. The year 2020 has been mentioned as a target date for its implementation.

*Alpha Kamara contributed to this report from Dakar