Connect with us

Issues

ECOWAS And Challenges Of Implementing Single Currency System

Published

on

Governor Akinwumi Ambode of Lagos State (2nd left), inspecting traffic flash points in Lagos. With him are secretary to Lagos State Government, Mr Tunji Bello (right) and director, transport engineering, Lagos Ministry of Transportation, Dr Frederick Olofin. Photo: NAN

Governor Akinwumi Ambode of Lagos State (2nd left), inspecting traffic flash points in Lagos. With him are secretary to Lagos State Government, Mr Tunji Bello (right) and director, transport engineering, Lagos Ministry of Transportation, Dr Frederick Olofin. Photo: NAN

Analysts opine that Eco
nomic Community of West African States (ECOWAS) has been contending with some challenges since its inception 40 years ago.
One of such challenges, according to them, is the ECOWAS member-states’ desire to implement a single currency regime in the West African Monetary Zone (WAMZ).
They recall that at the 31st meeting of the Committee of Governors of WAMZ in Abuja in 2014, member-states observed that single currency ought to have been implemented irrespective of challenges in the states since January 2015.
Quoting from the speech of Mr Godwin Emefiele, the Governor of Central Bank of Nigeria (CBN) during the meeting, they insist that a lot must be done to make the single currency regime a reality.
The CBN governor had earlier explained during the meeting that the study of countries’ preparedness showed that there were challenges hindering the performance of their economies from meeting the convergence criteria for single currency system.
“The study notes that various countries continue to make remarkable progress towards the establishment of a common market and the implementation of the ECOWAS trade integration protocols and reform of their financial systems.
“On the strength of this assessment, the study concluded that the implementation of the monetary union by January 2015 is unlikely.
“Their level of institutional preparedness for the monetary union remains inadequate,’’ he said.
He also observed that member-countries’ business cycle harmonisation in terms of real Gross Domestic Product (GDP), inflation, broad money and interest rate remained weak. He called for intensified effort on sensitisation of all stakeholders and urged individuals to evaluate, ratify the various WAMZ protocols and strive to implement them accordingly.
According to him, member-countries should place emphasis on effective coordination between fiscal and monetary policies to support price stability mandate and create appropriate macro-economic environment that is conducive for intra-regional trade.
Sharing similar sentiments, Amb. Bashir Yuguda, the former Minister of State for Works, noted that in spite of the fiscal and other challenges facing the various countries, the integration of the sub-regional monetary system remained vital to ongoing efforts at making the ECOWAS sub-region a major economic bloc in the global economic order.
He, nonetheless, observed that Nigeria had met the four primary parameters, Liberia and Sierra Leone had satisfied three while other countries were still moving towards achieving that in spite of their challenges.
Dr Sarah Alade, the Deputy Governor, Economic Policy Directorate, CBN, however, said that Nigeria met all the criteria set for achieving a common currency for the regional bloc.
“It is important to recall that the deadline for the WAMZ countries to achieve monetary integration was set at Jan. 1, 2015.
“Also, the modified revenue approach under the aegis of ECOWAS was approved by assembly of heads of states and government to replace the two-track approach to monetary integration in ECOWAS for Jan.1, 2020,’’ she said.
According to her, the four primary criteria needed for the convergence, which Nigeria has met, include single-digit inflation rate at the end of each year and a fiscal deficit of not more than four per cent of GDP.
“Others are a central bank deficit-financing of not more than 10 per cent of the previous year’s tax revenues and gross external reserves that can give import cover for a minimum of three months.
“Liberia and Sierra Leone have met three out of the four criteria and there had been a consistent challenge of year-to-year compliance of the criteria by the member-states,’’ Alade said.
Besides achieving single monetary regime, stakeholders insist that ECOWAS should emphasise on cooperation and economic integration of West African region.
According to them, this will improve the living standard of the people in the region, enhance economic stability, foster relations among member-states and contribute to the progress and development of Africa.
They advise ECOWAS to ensure proper implementation of harmonised regional and sectoral policies to quicken the implementation of single currency system.
According to the analysts, the full implementation of the single currency will improve the welfare of ECOWAS citizens, promote price stability across the region and minimise exchange rate uncertainty.
They also affirm that the single currency system will make the region more attractive to foreign investors who will be confident to invest in the economy.
Expressing optimism, Rep. Faruk Lawal, Chairman of ECOWAS Parliament Committee of Administration, Finance and Budget Control, said that although there had been challenges among member-states in meeting the requirements for the implementation of the system, there were impressive developments.
“ The difficulty in complying with the set of convergence criteria by all ECOWAS member- states has led to delays in establishing a common currency.
“Much is still left to be done in the implementation of single currency system in the region which deadline has again been set for 2020,’’ he said.
He noted that the benefits of ECOWAS single monetary system could be equated to how the Europeans use the Euro as a common currency to enhance the unity of the region.
“We will now have a common currency, just like Euro in Europe, which will further facilitate better commerce as it promotes free movement of people and goods.
“The initiative will also harmonise our market, instead of having a fragmented market where you need to use different currencies with different exchange rate,’’ Lawal explained.
But Sen. Ike Ekweremadu, the Speaker of the ECOWAS Parliament, noted that the francophone countries delayed the implementation of single monetary system.
According to him, there is already a common currency — Franc des Communautés Financièresd’Afrique (franc CFA) — used among francophone ECOWAS member-states that belong to the Union Economic Monetaire Ouest Africaine (UEMOA).
He insisted that the existence of UEMOA Parliament for the francophone ECOWAS member-countries had posed a problem to speeding-up all the stages leading to the implementation of single currency system in the region.
“UEMOA has a common currency and a parliament that is functioning, it has a central bank that is working and most of its institutions are also working.
Ajuba writes for News Agency of Nigeria (NAN)

 

Glory Uche-Ajuba

Continue Reading

Issues

Investing In Nyesom Wike: A Story Of Dedication, Sacrifice And Ultimate Loss

Published

on

In 2015, I made a conscious decision to invest my financial resources, my time, and energy into supporting Nyesom Wike’s gubernatorial campaign. I poured my heart and soul into ensuring Nyesom Wike emerged victorious even at the risk of my personal safety.
Again in 2019, I doubled down on my commitment. I invested a significant amount of money to procure campaign outfits for all twenty-three Local Governments Areas of Rivers State. I spared no expense in supplementing Wike’s election efforts in my own local government, and once again putting myself at great risk to safeguard the fairness and transparency of the electoral process.
However, despite my unwavering loyalty and sacrifices, I found myself abandoned and forgotten by Wike. Throughout his eight-year tenure, he failed to acknowledge my contributions or fulfill his promises and agreements. Even as a former Deputy Governor, Wike denied me my severance benefit.
My investment in Wike’s governorship was not just financial – it was a commitment of passion, dedication, and belief in a better future for Rivers State. Yet, his leadership style of dishonesty, greed, drunkenness and rash abuse of senior citizens brought me nothing but disappointment, misery and losses.
By the grace of God, today I speak not as a victim, but as a hero. I have accepted my losses, and I have moved on. And as I reflect on my experience, I cannot help but urge Wike to do the same and allow peace and development to reign in Rivers State.
Nyesom Wike, when you speak of investing in Governor Sim Fubara’s election, remember those like me who also invested in you. Remember the sacrifices I made, the risks I took, and the promises and agreements you left unfulfilled.
It is time for you, Wike, to let go of the past and allow Governor Sim Fubara the breathing space he needs to lead Rivers State forward. Allow him to focus on the challenges of good governance and the aspirations of the people. Spare him these unwarranted and ill-conceived political manoeuvrings founded on personal agenda and not for general good of Rivers State and her people.
I may have lost my investment on Wike, but I have not lost hope in the future of Rivers State. And together, we will continue to strive for a brighter tomorrow.
Long Live the Governor to Rivers State, Sir Siminialayi Fubara!
Long Live the Good People of Rivers State!!
Long Live the Federal Republic of Nigeria!!!
Engr Ikuru is former Deputy Governor of Rivers State.

Tele Ikuru

 

Continue Reading

Issues

Is Okocha A Happy Man Being Perpetual Hireling?

Published

on

The man Tony Okocha, the devastated tattered ragtag remnant Rivers APC factional, but Caretaker, Chairman, is known for being notoriously a hireling willing to play in the mud just for the pay or settlement. To Rt Hon Chibuike Rotimi Amaechi, he did against Chief Nyesom Wike. To Senator Magnus Abe, he did against Rotimi Amaechi. To Chief Nyesom Wike, he did against Magnus Abe. Having maintained such unbefitting character trait, it is not surprising to see him at his demeaned best showing off his tainted skill of grandstanding and loquaciously struggling fruitlessly almost every day to castigate the popular Rivers people’s Governor with very glaring false, bogus and unsubstantiated claims such as:
1. That Governor Fubara is wasting state fund in the name of thanksgiving across 23 Local Government Areas.
2. That Governor Fubara has withheld Local Government funds.
3. That Governor Fubara runs the government without input from the State Executive Council.
4. That nothing is happening in the State with respect to governance.
To the above false claims of Tony Okocha, every reasonable, right thinking and well-meaning Rivers person would effortlessly puncture all as rascality and mendacity taken too far.
Apart from the fact that Governor Siminalayi Fubara had said he is not sponsoring the massive SIMplified Movement Thanksgiving events across the Local Government Areas of the State being organised by elated Rivers people who feel liberated from an era of overbearing and suppressive form of leadership in the State, Tony Okocha should be asked to prove his false claim with indisputable facts and figures. Until then, let Tony Okocha respect himself and learn to keep quiet as an elderly person who is saddled with such a responsible position as Rivers State Representative in the Niger Delta Development Commission (NDDC) Board. A position that places a huge responsibility on him to ensure that the core objectives of the commission are actualised in the State, by not only ensuring that Rivers State gets its fair share of its dues in terms of projects, programmes and activities, but by synergising with the state government on development matters concerning the state vis-a-vis the responsibilities of NDDC to the State. In summary, the SIMplified Movement is all about a happy and joyful people of Rivers State who have decided to stand and stick together to defend and uphold their common heritage and patrimony. It is a voluntary venture, not sponsored by the government.
To his claim that the Governor has withheld Local Government funds, Mr Tony Okocha should also be asked to prove that with facts and figures and explain why the Governor would do such. More so, what is Tony Okocha’s business, assuming, but not conceding, that a PDP Governor withholds money against PDP-led 23 Local Government authorities? Did Local Government workers across the state complain to Okocha, the meddlesome hireling, an acclaimed APC Caretaker Committee Chairman in Rivers State?
On his ignorant and false claim that the Governor runs the government without input from the state exco, Okocha, the busybody wannabe should explain how he was employed or engaged as the spokesperson of members of the Rivers State Executive Council. He should also tell us his source of information to that effect, if it is not just a proof that he is making himself known as a perpetually irredeemable hireling notoriously good for playing the spoiler’s role.
On Mr Okocha’s assertion, probably, borne out of lack of more convincing lies, that nothing is happening in the State with respect to governance, is sure a proof that the man is only acting a bad and an unsellable script to justify the reward of expected gratifying filthy lucre, which is the compelling reason for condescending so low and evilly so. How else is governance measured, if not by executing meaningful and impactful projects, giving hope, inspiring and putting smiles on the faces of the people with joy of fulfilment in their hearts, both civil servants and everyone living and doing business in the State? Is Okocha blind to see and deaf to hear of the good works of the Governor Fubara led Rivers State Government? Civil servants are happy, teachers are highly elated. Several projects are ongoing. Investors are trooping in. The health sector, education, agriculture, sports have been highly boosted under Governor Fubara-led administration. To Okocha, there’s no governance in the State because patronage of free money is not getting to him from the Governor but from other sources that are likely against the Governor.
Let Tony Okocha weep more. Rivers State is breathing fresh air already and is liberated.
Let Tony Okocha tell us how he has, so far, as Rivers State Representative in the Niger Delta Development Commission (NDDC), clearly effected development in the State through the NDDC, and why he lied that there was Cholera outbreak with deaths recorded in Soku in Akuku-Toru Local Government Area with the intent of raking in about ¦ N5billion for non-existent mitigation programmes?
Odike is Special Assistant to Rivers State Governor on Social/New Media .
Bernard C. Idike
Continue Reading

Issues

Day Asari-Toru Declared Massive Support For Fubara

Published

on

Franklin Delano Roosevelt, commonly known as FDR, was an American statesman and politician who served as the 32nd President of the United States from 1933 until his death in 1945. He was a member of the Democratic Party and is the only United States President to have served more than two terms.
In one of his popular quotes, he said, “The creed of our democracy is that liberty is acquired and kept by men and women who are strong and self-reliant, and possessed of such wisdom as God gives mankind – men and women who are just, and understanding, and generous to others — men and women who are capable of disciplining themselves. For they are the rulers and they must rule themselves.”
This explains the recent gathering of creme la creme of Asari-Toru political gladiators converged at the inauguration of the Simplified Movement, ASALGA chapter to reiterate their unflinching support for the Rivers State Governor, His Excellency, Sir Siminalayi Fubara whose mantra revolves around liberation.
The event which took place at the Autograph in Port Harcourt on the 1st of March, 2024, to galvanise strong support for Governor Fubara attracted over 500 members of the Simplified Movement from the Asari-Toru Local Government Area of Rivers State.
The gathering of supporters of Governor Fubara’s government, under the umbrella of the Simplified Movement, the ASALGA chapter led by an astute politician, former member of the Federal House of Representatives and two- time member of the Rivers State Executive Council as Commissioner, Chief Hon. Paworiso Samuel Horsfall comprised both the old and young generation political helmsmen drawn from all the 13 Wards of the local government area.
The nerve-““““““wracking gathering had the likes of the 1999 democratic system pioneer Chairman of Asari-Toru Local Government Council and former two-time Special Adviser to ex-Governor Nyesom Wike, Hon. Opakirite Mackson Jackreece; former member of the House of Representatives, Hon. Adokiye Young-Harry; former member of the State House of Assembly, Hon. Daisy West and former Special Adviser to ex-Governor Nyesom Wike, Chief Hon. Iboroma Norman Wokoma.
Others were the incumbent Vice Chairman of Asari-Toru Local Government Council, Hon. (Mrs.) Tekena Wokoma; former Commissioner of the Rivers State Independent Electoral Commission, Hon. Dr. Hope Barango; the South-West Vice Chairman of the Peoples Democratic Party (PDP), Dr. Sule Amachree and the Secretary of the Local Government chapter of the Peoples Democratic Party (PDP), Hon. Cladious Princewill; former Chief of Staff of Council, Hon. Ajumogobia West and former Chairman of Peoples Democratic Party (PDP), ASALGA, Hon. Onari Awo Tariah.
Also present at the event were past caretaker committee chairmen of the Local Government Council including, Hon. Waite Harry, Hon. Dawari Hamilton Ibinabo, Hon. Wright Warmate and former Deputy Mayor of the Port Harcourt City Council, Hon. Adokiye Horsfall amongst others. My humble self belongs to the movement. The list is inexhaustible.
Speaking at the inauguration, the member representing Asari-Toru/Akuku-Toru Federal Constituency and leader of the Asari-Toru political family, Hon. Boma Goodhead assured the people of the commitment of the Rivers State Governor, Sir Siminalayi Fubara to extend visible dividends of democracy to the people of ASALGA.
The federal lawmaker who spoke through her representative, Dr. Sule Amachree, said Governor Fubara means well for Rivers people, particularly the people of ASALGA and urged them to remain calm, peaceful and resolute in their support to the administration of the State Governor.
“His Excellency, Sir Siminalayi Fubara is the Governor ordained by God to liberate Rivers people from the snares of poverty and oppression. He is God-sent to bring visible and even development to Rivers State and Asari-Toru people are on the top of that agenda of development,” she said.
Hon. Goodhead reiterated her confidence in the capacity of the leader of the Simplified Movement, ASALGA chapter, Chief Hon. Paworiso Samuel Horsfall to mobilise massive support and a huge source of encouragement for the Government of Sir Siminalayi Fubara to succeed.
“I urge you to continue to stand firm with our Governor. Be rest assured that His Excellency, Sir Siminalayi Fubara is a man of peace, focused and determined to deliver on the mandate given to him by the people of Rivers State. He will not fail you,” she said.
In his speech, the leader of the ASALGA chapter of the Simplified Movement, Chief Hon. Paworiso Samuel Horsfall described the movement as a child of necessity born out of the hunger of Rivers people for a paradigm shift from oppression to liberation.
“As witnessed across the length and breadth of Rivers State, the Simplified Movement is a child of necessity, born out of the hunger for a paradigm shift from oppression to liberation, with one core objective to promote and defend the interests of Rivers State and her people. It is on this account, we stand as dependable allies giving strong support to the Executive Governor, His Excellency, Sir Siminalayi Fubara in his pursuit of peace and commitment to the genuine development of Rivers State.
“It is our position that with the elections come and gone, it is practically a time to face governance and to ensure deliverables of dividends to the people of Rivers State in the atmosphere of peace, security and stability,” he said.
Chief Samuel Horsfall explained that Rivers people saw the leadership qualities needed to achieve the sole objective to genuinely defend and promote the interest of the State in Governor Fubara, hence the spontaneous massive support expressed in the birth of the Simplified Movement.
He recounted avalanche of achievements made by Governor Fubara within six months in office. “We appreciate the Governor of Rivers State, His Excellency, Sir Siminalayi Fubara for his resilience and determination to make a difference. It is on record and attestable by all, the numerous projects being executed by his administration.
“Such as the ongoing construction of the gigantic Port Harcourt Ring Road project, the 20,000 housing units for low income earners, the Ogoni-Andoni-Opobo-Nkoro Unity road, the near completion of the 10km Old Port Harcourt-Bori road, the Emohua-Kalabari road, the 6.5km Woji-Alesa-Refinery link road and the inclusion of the remaining part of the Trans-Kalabari road project in the 2024 budget. “Moreover, the promotion of the State civil servants, first time in history payment of N100,000.00 Christmas bonus to civil servants across board, approval of promotions and implementation of N30,000.00 minimum wage for local government workers and the N4 billion single digit interest loans facility for Small and Medium Scale business operators in Rivers State. All these achievements within six months in office are eloquent testimonies of Governor Fubara to deliberately improve the welfare of Rivers people.
“We are convinced that such a proven great mind and well experienced, tested and trusted administrator/technocrat, Governor Fubara has demonstrated the capacity to deliver effectively the needed democratic dividends to Rivers people. It is on this convention we are gathered here for the umpteenth time to reaffirm our unalloyed support and commitment to his administration,” Chief Samuel Horsfall declared.
He disclosed that the gathering was to put in place citizens mobilisation strategy to forge a collaborative bond with the Governor to foster partnership for the development of ASALGA and the State. He, therefore, advised those he called detractors of Governor Fubara’s administration to desist forthwith and allow the Governor to remain focused in his quest to deliver on his mandate.
“All detractors should desist from further attacks on the Governor and the Chief of Staff, Government House, Rt. Hon. Edison Ehie and allow the Governor to focus on the delivery of the good policies and programmes to Rivers people. We unequivocally condemn attempts by disgruntled Abuja politicians to employ intimidation antics against the former Speaker of the 10th State Assembly and current Chief of Staff, Government House, Rt. Hon. Edison Ehie and others who are standing on the path of justice and good conscience for the collective good of Rivers State.
“We equally urge the Nigerian Police and other security agencies to be discreet in the discharge of their constitutional responsibilities in the State and not to allow themselves to be used by selfish individuals who do not mean well to fuel political crisis in Rivers State.
Chief Samuel Horsfall also commended the federal lawmaker, Hon. Boma Goodhead for her doggedness and resilience in supporting Governor Fubara since the wake of the political crisis in the State.
Several other personalities spoke to express their support to the State Governor and urged the people to ASALGA to maintain their peaceful disposition and remain steadfast in the Simplified Movement to give the state government maximum support to continue to render good governance to Rivers people.
Highlights of the event were the inauguration of the elders and stakeholders of the Simplified Movement for the 13 Wards as well as the executive committee of the movement in Asari-Toru Local Government Area.

Amieyeofori Ibim

Continue Reading

Trending