Sanusi warns ECOWAS: Avoid launching ECO amid weak economies, poor fiscal discipline, and fragile institutions

• As NILDS DG says monetary union demands evidence-based assessment, protection of Nigeria’s interests

On Thursday, Muhammadu Sanusi II, the Emir of Kano and former governor of the Central Bank of Nigeria, warned ECOWAS leaders not to hasten the introduction of the proposed ECO common currency.

He cautioned that a monetary union built on weak economies, inadequate fiscal discipline and fragile institutions is likely to fail.

The Emir delivered the warning at a one‑day Policy Dialogue on “ECO Currency and Monetary Integration in West Africa: Implications for Nigeria,” organised by the National Institute for Legislative and Democratic Studies (NILDS) in Abuja.

Sanusi said the region remained far from meeting the fundamental requirements for a successful common currency arrangement.

He said, “A currency is only as strong as the economy behind it. History shows us that successful monetary unions are built on economic convergence, institutional credibility and shared prosperity, not aspiration alone.”

The former CBN governor acknowledged the potential benefits of the ECO project, including lower transaction costs, increased intra‑regional trade and enhanced competitiveness.

He, however, stressed that monetary integration should not be driven by political symbolism but by sound economic fundamentals.

According to him, West Africa’s estimated population of about 450 million people and combined Gross Domestic Product of nearly $900 billion