The Lagos Chamber of Commerce & Industry (LCCI) has congratulated President Ahmed Tinubu on his appointment as Chairman of the Economic Community of West African States (ECOWAS).
In a congratulatory message signed by the President and Chairman of the Council, Asiwaju Dr. Michael Olawale –Cole CON, MFR, FNIM, CNIM, FIoD, the LCCI described the appointment as a well-deserved feat emphasizing the significance of the role in light of the region’s integration into the African Continental Free Trade Area (AfCFTA).
‘‘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.
‘‘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.
‘’The LCCI recognizes the challenges faced by the ECOWAS region, particularly in terms of insecurity and terrorism, which have hindered progress and development. It emphasizes the critical need to address these issues and applauds the Chairman’s commitment to tackling them.
‘‘As Nigeria holds the position of the largest economy in Africa, the LCCI acknowledges the country’s pivotal role in the region and the continent as a whole. However, the chamber acknowledges the existence of barriers that impede the free flow of goods and services within the region, including burdensome regulations, weak payment platforms, security risks, high transportation costs, and corruption.
‘‘The LCCI recommends that the new ECOWAS Chairman, under his capable leadership, focuses on addressing these trade-related challenges. It specifically highlights the importance of supporting the implementation of the proposed common currency for ECOWAS, known as the eco. This move would alleviate the burden of payment and foreign exchange fluctuations, thereby positively impacting regional trade.
‘‘The LCCI expresses confidence in the Chairman’s wealth of knowledge, commitment, and track record of governance and leadership, believing that these attributes will be instrumental in addressing the current challenges facing the region. The chamber pledges its support and willingness to assist in any way possible to ensure the success of the Chairman’s tenure and the realization of ECOWAS’s aspirations.
The LCCI concludes the message by extending its best wishes to the new ECOWAS Chairman as he assumes his new office.’’
