President Muhammadu Buhari Tuesday called on executives of banking institutions in West Africa to forge a closer collaboration to tackle economic challenges confronting the sub-region.

Receiving a delegation from the West African Bankers Association (WABA), led by its President, Thierno Seydou Nourou Sy, the President noted that the sub-region must find a common understanding and ground to address low access to financial services and recovery from post COVID-19 pandemic.

President Buhari told the association, founded in 1981, and which brings together over 250 commercial banks and 15 institutions from across West Africa, that ,for many centuries, African countries have traded with one another without a formalized and structured system.

He, however, noted that over time, global trade has become more complex and organized.

The Nigerian leader expressed confidence that the rollout of the African Continental Free Trade Area would be a turning point in how African countries trade with each other.

''More importantly, we will turn the page in ensuring that we deepen and expand our industrial capabilities by making sure we export less of what we have been endowed with in primary or raw form, and convert larger portions of these resources into finished materials.

''That will allow us to benefit from the revenue earned from the added value of exporting a finished product,'' he said.

Speaking further, the Nigerian leader declared: ''Our ability to overcome the current phase of our development lies  in our resolve to work jointly via our regional and  sub-regional organizations where we can all reach a common understanding to fight against a common enemy.

''This is one of the reasons I am delighted with the strides ECOWAS has been making towards unanimity and forging alliances with a goal to resolve issues that confront the sub-region.

''I believe that this is also the approach that is being followed in the West African Bankers’ Association and the West African Monetary Union.''

https://www.thenews-chronicle.com/president-buhari-calls-for-closer-collaboration-to-tackle-economic-challenges-in-west-africa/

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