Munir Advocates ECOWAS Settlement Platform to Drive Seamless Intra-African Trade

By Jane Salihu

As the ECOWAS Parliament intensifies discussions on the proposed Compact on the Future of Regional Integration, Nigerian lawmakers have called for immediate and practical measures to deepen economic cooperation and deliver tangible benefits to citizens across West Africa.

The ongoing First Ordinary Session of the Sixth Legislature of the ECOWAS Parliament in Abuja is therefore centered on translating commitments on democracy, security, economic integration and regional unity into concrete measures that improve trade, strengthen institutions, tackle insecurity and raise living standards across the sub-region.

Speaking with journalists after plenary, Hon. Ahmed Muhammed Munir, a member of Nigeria’s delegation to the ECOWAS Parliament, said one of the most impactful steps the sub-region can take immediately is to establish an ECOWAS payment and settlement system that would enable member states to trade directly using their local currencies.

According to him, such a mechanism would eliminate the need for businesses to source third-party currencies such as the US dollar before making payments across borders.

“One of the things we can do immediately is to have an ECOWAS payment and settlement system so that we do not need to look for third currencies to make payments between ourselves,” he said.

He explained that under the proposed arrangement, a trader in Nigeria could make payments in naira while the recipient in another member state, such as Ghana, would receive the equivalent value in local currency without the transaction passing through foreign exchange markets.

“That, in itself, is a single currency through the back door,” he added.

The lawmaker said reducing dependence on external currencies would lower transaction costs, improve trade efficiency and accelerate the realization of ECOWAS’ vision of a more integrated regional economy.

He noted that while the long-envisioned single currency for West Africa remains a work in progress, the payment and settlement system offers a practical interim solution that can be implemented without delay.

Munir stressed that deeper economic integration would provide governments with increased revenues to invest in education, healthcare, and poverty reduction.

“The whole idea is how we can generate wealth among ourselves, improve our tax systems and solve our problems within our community,” he said.

He also emphasized the need to formalize the region’s vast informal sector, where a significant share of cross-border trade occurs, so that small businesses can access financing and other support needed to expand.

On democracy and governance, the lawmaker said regional protocols must move beyond rhetoric and be domesticated by member states to restore public confidence in institutions.

“ECOWAS is excellent on protocol, but we must move from speeches and political will to concrete action,” he said.

Addressing security concerns, he called for stronger collaboration among security agencies, better intelligence sharing, and integrated regional strategies to tackle terrorism, coups and transnational crime.

According to him, economic growth, poverty reduction and security are closely linked, and progress in one area will reinforce gains in the others.

Munir further advocated direct elections into the ECOWAS Parliament, arguing that lawmakers elected solely to serve at the regional legislature would strengthen accountability and democratic legitimacy.

He said the ongoing deliberations in Abuja provide an opportunity for ECOWAS institutions and member states to recommit to implementing practical reforms that will translate the ideals of regional integration into measurable improvements in the lives of West Africans.