It would be embarrassing to start what we can't finish — Buhari

President Muhammadu Buhari in a speech at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ), said it would be embarrassing for countries who form the West African Economic and Monetary Union (UEMOA) to start what they can not finish following issues arising from French speaking countries in the region over single currency.

Although Buhari assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, he however said Nigeria will only support a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.


According to the president, Nigeria also believes that given the potential contractions and even losses from the global Covid-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.

“We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.

“We need to be clear and unequivocal about our position regarding this process. We must also communicate same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.



“My dear colleagues, Heads of State and Government, It is obvious that we are at a crossroads.

“We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,’’ he said.