By Kebba AF Touray
The President of the Nigerian Senate, Senator Godswill Obot Akpabio, GCO, has said a robust financial infrastructure in member states is essential in the attainment of the path towards the promise of a unified regional currency – a cornerstone among the region’s economic ambitions that also holds great potential for simplifying trade, reducing transaction costs and enhancing the global competitiveness of businesses within the area.
Senator Akpabio made this statement while speaking at the opening of the first ordinary session of the ECOWAS Parliament in the Nigerian Capital of Abuja last Tuesday, 20 May 2025, during the gathering of regional lawmakers that was summoned by the strident call of destiny, bound by a shared promise of a brighter tomorrow for ‘our’ people. They gathered as representatives of a proud and diverse region that is united by a common dream – a West Africa that rises to its full potential in a continent that stands tall on the global stage not as a recipient of pity or charity, but as a force of innovation, dignity and destiny.
“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.
“Yet, we must be clear-eyed about the path to achieve this; it demands fiscal discipline, monetary coordination, robust financial infrastructure, and mutual economic trust,” Senator Akpabio told his colleagues.
He said that the region must be bold in economic reforms, and be willing to break free from outdated and fragmented approaches, and embrace a truly integrated financial system that reflects the realities of regional interconnected economies.
“We must strengthen inter-regional trade and prioritise industrialisation, because without this, a common currency alone will not solve our economic challenges,” the Nigerian Senator said.
In his opinion, the region needs a regional economy that not only consumes but also creates and competes on the global stage.
“This means supporting small and medium enterprises; investing in modern infrastructure, and leveraging our abundant natural resources to create jobs and wealth for our people. We are united by the conviction that our borders may divide our lands, but they must never divide our purpose. That 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,” Senator Akpabio said.
No matter how lofty and noble these concepts are, he said, they will lead the region nowhere unless “we have a shared commitment to progress, a fierce determination to overcome every challenge, and an unwavering belief that our differences are not weaknesses but a wellspring of strength.”
“ECOWAS was never meant to be a concept. It was meant to be a clarion call to every West African; that our journey to greatness has just begun and together, we can write a new chapter in the history of our beloved region,” Senator Akpabio said.
He continued that today, as the region faces the challenges and opportunities of a rapidly changing world, this vision remains as critical as ever, and said we must confront the hard truth of our present reality; that despite the undeniable strides that the region has made, significant challenges persist that demand our immediate attention and decisive action.
On the Challenges of Economic Stability: The Nigerian Senator indicated that one such challenge is the quest for economic stability in the region, adding that the strength of any economic community lies in its ability to foster trade, attract investment and create prosperity for its people. He, however, lamented that currency volatility, inflation, economic disparities, and the pressures of global financial markets continue to hinder the full realisation of our collective potential.
On Security and Political Stability: Senator Akpabio said economic stability cannot flourish without political stability and that the recent security challenges facing parts of the region, which include terrorism, insurgency, political unrest, and organised crime, threaten the very fabric of ‘‘our collective aspirations.”
He tasked the region to remain vigilant in defending their democratic institutions by promoting good governance and ensuring that the rule of law prevails in every corner of the region.
“Our governments must work closely with our regional security apparatus to counter these threats. But we must also address the root causes of instability, unemployment, inequality, tribalism and lack of education, because it is often in the shadows of despair that extremism takes root. We must invest in our youth, create opportunities for our people, and build societies where hopes thrive, not fear,” the Nigerian Senator maintained.
On the Role of ECOWAS in a Changing World: The Nigerian Senator told his regional legislative colleagues that within a global geopolitical dynamics, Africa must redefine its place on the world stage. He tasked ECOWAS to strengthen its voice in international fora and champion the interests of the people by demanding fair treatment in global trade, finance, and climate negotiations.
“We must be united in our approach because, as the African proverb goes, ‘if you want to go fast, go alone. But if you want to go far, go together’. Together, we can demand a fairer global order. One that respects the dignity and aspirations of our people,” Senator Akpabio said.
On the Call for Unity and Collaboration: At this critical juncture, the Nigerian Senator told his colleagues that the region must rekindle the spirit of unity and solidarity that has always defined ‘us’ as a people.
“Let us resolve to speak with one voice on the global stage, and to stand together against external economic pressures and to chart a course for our region that prioritizes the welfare of our people above all else,” he said, and tasked the regional parliament that as they deliberate during this session, they should let their decisions be guided by the wisdom until what seems impossible is done, even though it may seem impossible.
