President/Chairman of Council, Lagos Chamber of Commerce and Industry (LCCI), Asiwaju Dr. Michael Olawale-Cole, CON, MFR, FNIM, CNIM, FIoD, has congratulated President Bola Ahmed Tinubu for emerging as the Chairman of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) at the 63rd Ordinary Session that took place on Sunday in Bissau, Guinea-Bissau.
LCCI President said “On behalf of the Council and Members of the LCCI, I am delighted to extend to you a warm felicitation on your appointment as Chairman of the Economic Community of West African States (ECOWAS). This is indeed a laudable feat and it is well deserved.
Asiwaju Dr. Michael Olawale-Cole, in a statement issued and signed on Monday, described the development as a significant affirmation of Nigeria’s leadership in the West African sub-region and the African continent.
He said “Your election has come at a time when the ECOWAS region’s member states are positioning themselves to be integrated into the African Continental Free Trade Area (AfCFTA). As you stated in your acceptance speech, insecurity, and creeping terrorism have stunted the progress and development of the region and must be dealt with.
“As the largest economy in Africa, Nigeria is expected to play a significant role in the region and the continent as a whole. However, despite its significant achievements, there are still a number of barriers inhibiting the free flow of goods and services within the region, such as onerous regulations, weak payment platforms, security risks, high transportation costs, and corruption.
Consequently, the region has experienced low trade which has hampered economic growth and development. However, despite these limitations, Nigeria is still held to a high standard, especially in terms of setting policy direction on issues affecting the region.
LCCI recommends that under your able leadership, the issues that affect trade would be appropriately dealt with. A critical success factor would be to support the implementation of the eco (the proposed common currency for ECOWAS). This will ease the burden of payment & Forex fluctuation and the attendant impact on trade.
We are assured that your wealth of knowledge, commitment, and track record of governance and leadership will undoubtedly be a significant advantage as you tackle the challenges currently facing the region.
It will be our pleasure and privilege to assist in whatever ways possible in ensuring your success as the ECOWAS Chairman and to actualize the dreams of ECOWAS.
LCCI President concluded by saying “We wish you the best as you assume this new office.
