…As Expert Warn FG on renewed External Borrowing
By Tordue Salem
ACCRA-Nigeria is yet to pay $59.9million, as part of its â€œexpected contributionâ€ to the twin proposal to build West African Central Bank (WACB) and Stabilisation and Cooperation Fund (SCF), preparatory to achieving a Monetary Integration in the West African Monetary Zone in 2015.
The Director General of the West African Monetary Institute (WAMI), Prof. Temitope Oshikoya, made the disclosure on Monday at a 5-day â€œRegional Forum on Global Financial Crisis for Legislatorsâ€, organised by the West African Institute for Financial and Economic Management(WAIFEM) and West African Monetary Institute.
Other participants at the occasion are the Dean Faculty of the Initiatives, Rep. Eseme Eyiboh, Rep. Nelson Alapa, Rep. George Daika, Lanre Agoro, Rep. Doris Uboh, Rep. Lanre Agoro, and Rep. Mikhail Bmitosahi.
Others are Rep. Dominic Nitiwul of Ghana , Rep. Yerro Mballow, Gambia, Louis Boakye( Ghana ), Sen. Bryant Choppray( Liberia ), Rep. Jammeh Kebba( Gambia ), Rep. David Konteh(Sierra Leone), Rep. James Klutse Avedzi(Ghana), Rep. Babanding K.K. Daffeh(Gambia) among others.
The break down of the Nigeriaâ€™s indebtedness to the body was contained in Prof. Oshikoyaâ€™s lecture entitled â€œMonetary Integration in West African Monetary Zone: The Journey So Farâ€, Oshikoya, in the expected contribution towards the establishment of the West African Central Bank, Nigeria is owing an outstanding debt of $45million, out of $60 millionâ€.
For the expected contribution of $30million, the Country has paid only $15.1million, leaving an outstanding of $14.9million, which must be paid in five years if the dream to achieve a monetary zone for Anglophone West Africa will be realised.
Prof. Oshikoya urged members of West African Monetary Zone , Ghana , Nigeria , Sierra Leone, The Gambia, Guinea and Liberia , to dismantle barriers to trade between member Countries, and renew diplomatic ties as a preparation for the ultimate dream of establishing an Economic and Monetary Union. There is a need to further enhance integration-to reduce reliance on the advanced economies for our exports. Need to increase economic and financial resil