President Muhammadu Buhari has called on executives of banking institutions in West Africa to forge a closer collaboration to tackle the sub-region’s economic challenges
President Buhari made the call on Tuesday when he received a delegation from the West African Bankers Association (WABA), led by its President, Thierno Seydou Nourou Sy.
The President said the sub-region must find a common understanding to address low access to financial services and recovery from the COVID-19 pandemic.
He told members of the association that for many centuries, African countries have traded with one another without a formalized and structured system and over time, global trade has become more complex and organized.
The Nigerian leader 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.
Commenting on ongoing efforts to synchronize monetary and fiscal policies through WABA, the President challenged the association to work towards finding common ground, despite the unique macro-economic challenges that each member-state faces.
He pledged that Nigeria will always be ready to support efforts that are geared towards 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 Nigeria plays in the African economy, adding that President Buhari’s leadership was also well appreciated.
He urged President Buhari to be an advocate for greater inclusion for WABA in the ECOWAS structure, noting that one of the challenges with the banking system is capacity building, and urged Nigeria to set up a training academy for the industry.
Editor Oloyede Oworu
