While hosting a delegate of the West African Bankers Association (WABA) in Abuja, President Muhammadu Buhari has beseech banks to work together against economical shortfalls. The President opined that only this relationship can save West African countries from economical deficiencies.
A press statement from the Special Adviser to the President on Media and Publicity, Mr. Femi Adeshina made this revelation. According to the statement, President Buhari urged the group to explore financial alternatives that can help West Africa get on track. He added that their collaboration is the only way out from the damages of the Corona Virus pandemic.
He emphasized that everyone must work together to ensure the development of the region. Therefore, President Buhari encouraged the group to provide solutions to various economic issues facing each country in the region.
Also, He illustrated how the robust relationship among West African countries has existed for a long time. He went on to recall how countries in the region engaged in economic and financial transactions without any regulating body.
Furthermore, President Buhari expressed his optimism about the African Continental Free Trade Area. The President believes the development will change the narrative of the trading formality among countries in Africa.
Speaking about the huge dependence on exports to European countries, the President also called for the industrialization of the region. He urged countries in West Africa to stop exporting what the region is blessed with. Instead, the region should process these resources into finished goods and earn handsomely from them. Lastly, the President established that his administration will continue to champion every effort to make living easier for citizens of the country.
WABA President’s Reaction to President Muhammadu Buhari Speech
In reaction to the President’s speech, The president of WABA, Theirno Seydou Nourou Sy heaped praises on the Nigerian President for his achievement so far. He revealed that the presence of the group in Abuja is to seek advice from the President. He disclosed that President Buhari’s achievement in Nigeria can guide the group to formulate prosperous policies in the region.
Lastly, He exhorted President Buhari to push for the addition of WABA into ECOWAS. Speaking about the financial sector in Nigeria, the President of WABA called for a training institution in Nigeria. He argued that such development will build capacities in the sector and develop it.
Established in 1983, the West African Bankers Association comprises 250 commercial banks and 15 financial institutions within the region.