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Nigeria, Ghana, Others Reject Eco Common Currency
No fewer than Six Economic Community of West African States (ECOWAS) countries on Thursday rejected the move by eight other francophone nations in the region to adopt the Eco common currency.
Nigeria, Gambia, Ghana, Liberia, Sierra Leone, all English-speaking countries and Guinea, the only francophone country, criticized the move by Benin, Burkina Faso, Guinea-Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo who had agreed to change the name of their common currency, CFA francs to Eco.
At an extraordinary meeting of the Ministers of Finance and Economy, and the Governors of Central Banks in the West African Monetary Zone, Mrs. Zainab Ahmed said that the declaration is not in line with the decisions of ECOWAS Heads of States.
“While the meeting applauds the decision of the francophone West African countries to the link, the meeting also noted with concern, the declaration by his Excellency, Alassane Ouattara, Chairman of the authority of the Heads of States and Governments of the West African Economy and Monetary Union on the 21st December 2019 to unilaterally rename the CFA francs as eco by the year 2020.
“WAMZ Convergence council wishes to emphasize that this action is not in line with the decision of the authorities of the heads of states and government of ECOWAS for the adoption of the eco as the name of an independent ECOWAS single currency.”
At the end of the meeting, delegates recommended that an extraordinary general meeting of ECOWAS heads of state and governments in the West African Monetary Zone be convened to discuss the matter.
“The council reiterates the importance for all ECOWAS member countries to adhere to the decisions of the ECOWAS authority heads of states and government towards the implementation of the revised roadmap of the ECOWAS single currency programme.
“The council recommends that an extraordinary summit of the authority of the heads of state and government of the WAMZ member state be convened soon to discuss this matter and other related issues.”
In December 2019, the adoption of Eco common currency by the eight francophone countries was lauded by the International Monetary Fund (IMF), showing readiness to engage with the regional authorities, owing to its proven track record in the conduct of monetary policy and external reserve management.
Ghana had in December, lauded the move and said that the country is determined to do whatever they can to join the Member States of UEMOA soon.
The National Identity Management Commission (NIMC) has disclosed that 95 million Nigerians need to enroll for the National Identification Number (NIN) to meet its target of 200 million enrollments by 2025.
Kayode Adegoke, Head of Corporate Communications at NIMC, emphasised the importance of this enrollment during an interview on X over the weekend.
He stated, “For NIMC to meet the 200 million target by 2025, 95 million Nigerians need to register for the NIN.”
Adegoke revealed that over 105 million NINs have been issued to Nigerians and legal residents so far.
He assured Nigerians of the commission’s commitment, saying, “We want to assure Nigerians that within the next one or two years, we will reach our target of enrolling all Nigerians.”
“The NIN serves as a unique identifier for each citizen and has become increasingly important for various government initiatives aimed at improving security, governance, and service delivery.”
Adegoke highlighted the efforts to streamline the modification and enrollment processes under the leadership of Abisoye Coker, the director-general of NIMC. He announced the development of a self-service platform, allowing Nigerians to make necessary modifications such as changing names, dates of birth, email addresses, and phone numbers from anywhere, using different devices.
Emphasising the convenience of the self-service modification portal, Adegoke encouraged Nigerians to utilize this innovative solution.
He noted the evolution of the process, citing the past requirement for applicants to visit NIMC offices for data corrections.
Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed that the nation’s oil and gas reserves have risen to 37.50 billion barrels as of January 1, 2024.
This marks an increase from the 37.046 billion barrels recorded in May 2022.
Komolafe emphasised the implementation of robust policies aimed at enhancing and optimising oil and gas operations across the country.
Notably, gas reserves stand at 102.59 trillion cubic feet (TCF), with non-associated gas reserves reaching 106.67 TCF, culminating in a total of 209.26 TCF of gas reserves.
Addressing concerns during a press conference held in Abuja on Monday regarding crude supply regulation and enforcement, Komolafe underscored the importance of prioritising feedstock supply to local refineries while addressing grievances from oil producers and the Dangote Refinery within specified timelines.
This announcement follows recent reports of a decline in Nigeria’s crude oil production during February and March 2024.
According to data from the April 2024 Monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced its second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
OPEC attributed this decline, amounting to a reduction of 91,000 barrels per day, to factors communicated directly from Nigeria.
The Chairman, House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has commiserated with the senator representing Oyo North Senatorial District, Senator Abdulfatai Buhari over the loss of his mother, Alhaja Buhari.
The matriarch, who passed away on Monday, April 8, has left a void in the family that Oseni described as irreparable.
In a condolence message released on Wednesday by his media aide, Idowu Ayodele, in Ibadan, and made available to newsmen, the lawmaker expressed his deep sympathy, praying for Alhaja Buhari to find eternal rest in the arms of God.
Oseni, who also represents Ibarapa East/Ido Federal Constituency, urged Senator Buhari and his family to find solace in the legacy of achievements left behind by their late matriarch.
He emphasised the importance of cherishing the memories of her life and the successes attained by her children.
The statement read, “Distinguished Senator Buhari, I was deeply saddened to hear about the passing of Mama, Alhaja Buhari. Please accept my heartfelt condolences and deepest sympathy during this difficult time.
“Alhaja was a pillar of strength and a source of love and guidance for your family and community. Her legacy of kindness, wisdom, and resilience will continue to live on in the hearts of all who knew her.
“May you and your family find comfort and solace in the cherished memories you shared with her, and may the love and support of friends and well-wishers provide you with strength and courage in the days ahead.
“Please know that my thoughts and prayers are with you and your family as you navigate through this time of grief”, Oseni continued.
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