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West Africa Not Ripe For Common Currency – Sanusi

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15 years ago

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Following the numerous trade barriers and other commercial challenges facing the West African region, the Central Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi has said that Nigeria, Ghana and other West African countries are not yet ripe for a common currency like Europe.

Sanusi stated that with just 10 per cent of trade transaction among the region, discussion on a common currency should be the ‘end gain’, adding that Ghana and Nigeria are leading the single currency drive which is expected to take off by 2015.

Speaking with newsmen in Lagos, Sanusi said the common currency move for the region would take time before it happens.

“A common currency only makes sense after integration of the region. What is the trade between Nigerian and Gambia, between Nigeria and Ghana, between Nigeria and Burkina Faso?

“What is the purpose of the currency when we have not yet built trade flow? We don’t have free movement of goods and capital,” the CBN governor lamented.

He said before imitating the Euro, it should be noted that 60 per cent of the trade in Europe is within the European Union.

According to him, almost 50 per cent of the total trade in the Southeast Asia is among countries of Asian nations. He said they do not have a common currency, stressing that for West Africa to overcome the barriers to trade there was a need to improve the continent’s industrial base.

“We need to improve our own competitiveness, we need to have our specialisation, we don’t have common tariff,” he adds.

According to him, in the last three months, not a single vessel landed in Lagos because of high tariff. “The vessel goes to Cotonou and they don’t pay duty. We don’t even have common border and common tariff. If you go back to Europe, they have what they call European Economic Community and it is a common trade area. They first of all had a free trade zone and adopted common tariff policy. They have got to a point where the currencies were freely convertible,” he stressed.

Sanusi noted that there are so many intermediate steps that should be taken “but you know it is a typical African thing. The European had the Euro, therefore let us have a currency. But the currency is the end gain.”

He said as the governor of the Central Bank of Nigeria, he has to officially support the project.

“But I think for it to make sense, we have to look at the trade issues, the capital flow issues, the tariff issues, immigration and border issues. We have to be, first of all, a true economic area,” he said.

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Kenyan Runners Dominate Berlin Marathons

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3 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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3 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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3 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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