…advocates unified monetary system for all African countries
Professor Joshua Olukayode Olatoke SAN of the faculty of Law, University of Ilorin has advocated for a Unified monetary policy among all African countries, describing it as a potent tool to strengthen the continent’s economy.
Olatoke made the call on Thursday (November 30, 2023) during his inaugural lecture at the University of Ilorin, saying that the Unified monetary system would reduce African over ependence on European economy.
Professor Olatoke who was the 247th inaugural lecturer of the University, titled his inaugural as “Africa in the Global Economic Trade Law Conundrum”
“It will be of great importance for the African continent to look within and have its own Unified monetary system which would reduce its undue dependence on the economy of European world” he advocated.
The Professor of Law, who doubles as the Senior Advocate of Nigeria, called for the need for African leaders and Nigerian Government to show more commitment to the African Continental Free Trade
Agreement (AfCFTA).
He recommended that trade conflicts and trade problems should be resolved through the medium of dialogues but not through the imposition of Trade restrictions or border closures.
“We are advocating for this because our research found that while states are pursuing a policy of strengthening and expanding preferential Trade relations worldwide through the well-functioning multilateral trade system under the auspices of the WTO, Africans on the other hand are busy slapping trade ban on each other.
” When Nigeria closed her Idi-Iroko Border, Ghana raised her Border charges against Nigerians buying goods across Border. Change of attitude is highly necessary to achieve free flow of trade among members’ state” he added.
Professor Olatoke also recommended the need for nexus between Addressing Local Trade Problems by Countries with International Obligations.
“Countries in trying to solve their trade elated and economic problems should not do so in flagrant disregard of their international obligations as Nigeria’s unilateral Border closures has shown. Trade problems should be solved in line with the AfCFTA agreement especially in relation to its trade-enabling provisions” Olatoke said.
