Currency issues, least of ECOWAS problems - LCCI

The Lagos Chamber of Commerce and Industry, LCCI, has stated that the Eco currency concern is the least issue facing countries in the Economic Community of West African States (ECOWAS).

LCCI cited quality requirenents, complex and corrupt Customs procedures, multiplicity of agencies and checkpoints along the borders etc as problems which should be prioritized.

LCCI President, Mrs Toki Mabogunje, who spoke to newsmen yesterday in Lagos, stated that despite concerns raised by the way Francophone countries adopt the measure, a lot still has to be done about other challenges.

She said: “The experience of investors involved in the cross-border trade in the region has been awful. There is also the challenge of weak compliance with the ECOWAS protocols especially around the ECOWAS Trade liberalisation scheme (ETLS). Connectivity between countries in the sub region is also a major problem.

“Over 80% of trade in the sub-region are done by road which creates a great deal of transit problems for movement of goods in the region. There is no rail connectivity within the region. There is weak link by sea because of the volume of cargo destined for the sub region and the economics shipments to the sub region.

“These are the bigger constraints to economic integration which the Heads of States of ECOWAS needs to address. It is important to get priorities right as far as economic integration issues are concerned.”