By Bakangi Sarah Bare
A renowned expert of International Law and Regional Integration, Professor Muhammed Tawfiq Ladan, has highlighted the core arguments, takeaways and his final thoughts from Emir Sanusi Lamido Sanusi’s 32-page public lecture on “ECO Currency and Monetary Integration in West Africa: Implications for Nigeria”, held at the National Institute for Legislative and Democratic Studies Abuja on June 25th 2026.
The lecture was attended by about 200 participants drawn from the private sector, ministries, departments and agencies of government, diplomats, lawmakers, policy makers, CSOs, the academia and students.
First, Prof. Ladan underscored the fact that “Emir Sanusi Lamido Sanusi cautioned ECOWAS against rushing to launch the proposed common currency, warning that a monetary union built on weak economies will inevitably fail. The EMIR stressed that a common currency is the ‘last step at the top of a pyramid’.”
Second, Professor Ladan highlighted the following:
“Economic Convergence First: A successful currency requires profound macroeconomic convergence. Member nations must align inflation rates, fiscal deficits, and structural policies before adoption, rather than using the currency as a political tool.
Central Bank Independence: Sanusi heavily criticized central banks for acting as ‘printing presses’ to finance government deficits. He warned that compromising monetary mandates for political leaders destroys exchange rates and spikes inflation.
The Weight of Nigeria: Accounting for nearly 900 billion in regional GDP, Nigeria drives the sub-region. He emphasized the popular economic adage: ‘If Nigeria gets it right, West Africa gets it right.’
Reconciliation with the Sahel: The withdrawal of Niger, Mali, and Burkina Faso from ECOWAS severely weakens regional integration and trade. Sanusi urged immediate reconciliation over threats of force.
Fiscal Responsibility in Nigeria: The EMIR questioned the heavy spending on non-essential governmental projects, arguing that Nigeria’s leaders must drastically reduce the cost of governance to properly address the severe economic hardships faced by citizens.
Halt Deficit Financing: The apex bank must stop acting as a ‘printing press’ for the federal government. Uncontrolled borrowing via Ways and Means advances directly destroys exchange rates and spikes hyperinflation.
Enforce Strict Accountability: Institutional mechanisms within the central bank must be reformed to ensure transparent financial reporting and adherence to statutory limits.”
On his final thoughts, Prof. Ladan said: “Launching the Eco currency without fulfilling economic prerequisites risks a severe regional crisis. True monetary integration requires economic readiness, structural manufacturing growth, and fiscal stability rather than political willpower alone. West African nations must first secure domestic fiscal discipline and mend regional fractures before adopting a shared currency.”