By Kebba AF Touray
The President of the Nigerian Senate, Senator Godswill Obot Akpabio, has underscored the urgent need for robust financial infrastructure to pave the way for a unified regional currency, describing it as a critical driver of West Africa’s economic ambitions.
Speaking on Tuesday, 20 May 2025, at the opening of the First Ordinary Session of the ECOWAS Parliament in Abuja, Senator Akpabio declared that a common currency could simplify regional trade, reduce transaction costs, and enhance global competitiveness.
“The promise of a unified regional currency, a cornerstone of our economic ambitions, holds great potential for simplifying trade, reducing transaction costs, and enhancing the global competitiveness of our businesses,” he said.
However, he cautioned that realising this ambition would require fiscal discipline, monetary coordination, mutual economic trust, and above all, a resilient financial architecture.
Senator Akpabio called on regional leaders to break free from outdated and fragmented economic systems, emphasising the importance of integrated financial strategies that reflect the region’s economic interdependence. He noted that while a unified currency is symbolic of deeper integration, it alone will not solve the region’s economic hurdles.
“We must strengthen intra-regional trade and prioritise industrialisation, for without this, a common currency alone will not solve our economic challenges.”
He further advocated for supporting small and medium enterprises (SMEs), investing in modern infrastructure, and maximising natural resource potential to generate employment and inclusive growth.
Unity Beyond Borders
Echoing a message of regional unity, Senator Akpabio highlighted the need for shared vision and purpose across the ECOWAS bloc, regardless of differences in language, culture, or geography.
“Our borders may divide our lands, but they must never divide our purpose. Our tongues may differ, but our vision must be shared: peace that endures, prosperity that includes, and progress that uplifts every child, every woman, and every community within our region.”
He warned that noble aspirations must be matched with practical commitments and a relentless resolve to overcome challenges, stressing that ECOWAS is more than a concept—it is a call to collective action for the future of West Africa.
Confronting Current Realities
Senator Akpabio also pointed to persistent challenges facing the region, particularly the need for economic and political stability.
“Currency volatility, inflation, economic disparities, and global market pressures continue to hinder our potential,” he lamented.
He added that security and political stability are inseparable from economic progress, decrying the threats of terrorism, insurgency, political unrest, and organised crime.
“We must remain vigilant in defending democratic institutions, promoting good governance, and upholding the rule of law,” he urged.
Beyond military responses, Akpabio stressed tackling the root causes of instability, including unemployment, inequality, tribalism, and lack of education, calling for increased investment in youth and community development.
Redefining Africa’s Global Role
In his closing remarks, Senator Akpabio urged ECOWAS to take a proactive stance on the global stage, especially in areas like trade, finance, and climate diplomacy.
“ECOWAS must strengthen its voice in international forums and demand fair treatment. If you want to go fast, go alone. If you want to go far, go together,” he said, quoting an African proverb.
He concluded by urging ECOWAS lawmakers to speak with one voice and act with unity and foresight, driven by the belief that “It always seems impossible until it’s done.”
The session in Abuja brought together regional lawmakers to deliberate on strategies that will shape the future of ECOWAS, focusing on economic integration, peace, and sustainable development.
