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ECOWAS member countries have expressed a huge disappointment at Ineptitude of Nigeria's economic plan which it says is  frustrating  West Africa's monetary policy for the adoption of a single currency among members subregion  by 2020  it was  learned on Thursday.
The region noted that the depreciation of Naira has posed a serious threat to the realization of the agenda.
This was disclosed Thursday by members of the ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance, during a two-day technical meeting in Abuja.
They noted that even when various policies have been introduced and at various stages of implementation in member states countries, the current economic situation in Nigeria has impacted negatively on the economy of member states.
First to throw the bombshell was the Out-going Chairman of the ECOWAS Macroeconomic Policy Committee on Multilateral Surveillance, Ommy Sar Ndaiye, who noted that the depreciation of the value of the naira and other economic challenges facing member states, especially Nigeria are affecting the economy of the entire region and also the plans for the adoption of a single currency in the region.
“The depreciation in value of the naira and other economic factors in Nigeria are affecting ECOWAS. We all know that whatever happens in Nigeria weighs heavily on our economies. If there are challenges there it would reflect on the region”, she said.

While noting that the commission has made remarkable progress in its macroeconomic policies, Ndaiye also urged the committee to chat the way forward for the economy of member states. 


She therefore urged the committee members to look inward and find better ways to strengthen economic ties within the region.
Also, Commissioner of the ECOWAS Macroeconomic Policy and Economic Research, Mamadou Traore lamented the vulnerability of the economy of member states.
The meeting Traore said was aimed at reviewing the 2015 report, as well as monitor,  evaluate and make appropriate recommendations that would help revive the economy of member states.
He stressed that “Despite efforts by the commission to strengthen the economy of ECOWAS, the economy is still vulnerable to external shocks”.
The commissioner also urged member states to update their database on a regular basis on measures that drives economic growth and also furnish same to the commission for proper information.
He said the 2015 report on the Macroeconomic convergence for the region showed a slowdown in growth of the economy when compared to 2014.
Traore, identified factors such as lack of raw material, poor state of infrastructural development in member states countries and the depreciation in value of the naira as being responsible.
The commissioner said since the deadline for the adoption of single currency is fast approaching, the committee should set agenda to look into the progress made so far as well as identify challenges that may hinder its smooth operation.

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