Obasanjo Calls for Single Currency for West African Countries

Former President Olusegun Obasanjo has taken a position that the introduction of single currency by West African states would promote economic integration and faster progress within the region.

Baba Obasanjo said this while playing host to the President of ECOWAS Commission, Marcel de Souza, at his Hilltop Estate, Abeokuta.

The former president said “We have decided that our unit of currency will be ‘Eco’, let us now start using Eco, let Eco become our unit of currency. Single currency unit for ECOWAS states will bring about more development and growth among the states.”

The former president also said that a deeper economic integration among members of the ECOWAS would gradually stem the tide of youths’ unemployment in the region.

He stressed that economic integration of the countries would guarantee development of the sub-region.

In the words of Obasanjo: “I have maintained that all of us in West Africa, and indeed in Africa, are sitting on a keg of gun powder for as long as we do not pay adequate attention to youth unemployment. A situation where more than 50% of our youths are unemployed is extremely dangerous.

"We now have a situation in part of West Africa where people are dying of starvation. Is it that we are not producing enough food? Or if we are producing, are they not evenly distributed?

"It is shameful because that has led us to be begging international communities for supply of food to West Africa. It is not right.”