Sanusi made the call on Thursday in Abuja during a public lecture organised by the National Institute for Legislative and Democratic Studies (NILDS).
The lecture, titled “ECO Currency and Monetary Integration in West Africa: Implications for Nigeria,” examined opportunities, challenges and prospects for regional monetary integration.
The former Central Bank of Nigeria governor said pursuing a common currency remained commendable but warned that ambitions without practical implementation plans risk failure.
According to him, economists often appear skeptical because they focus on feasibility, stressing that development objectives must rest on realistic assessments, not rhetoric.
Sanusi noted that Nigeria contributed about 60 percent of regional GDP and nearly 70 percent of population, making its performance crucial to ECOWAS.
“If Nigeria gets it right, West Africa gets it right. If the Nigerian economy performs poorly, ECOWAS will struggle to achieve objectives,” he said.
He described the ECO project as a long-term goal, noting that many African central bank governors had previously expressed reservations about implementation.
Sanusi said West Africa possesses enormous potential, with an estimated population of 450 million people and an economy exceeding 900 billion dollars.
He maintained that regional integration remained necessary because multiple currencies, trade barriers and payment inefficiencies increase business costs and reduce competitiveness.
According to him, successful monetary unions require political commitment, fiscal discipline, trade integration, institutional credibility and sustained macroeconomic convergence before implementation.
Drawing lessons from the Eurozone, Sanusi said countries including Germany and France achieved convergence targets before introducing the euro, while others joined later.
He cautioned that West Africa remained distant from comparable standards, citing disparities in inflation rates, fiscal deficits and overall economic performance.
Sanusi explained that intra-regional trade within ECOWAS remained between 10 and 12 percent, significantly below levels recorded across Europe and Asia.
He said smaller economies could benefit substantially from a common currency but would remain vulnerable if Nigeria experiences prolonged economic instability.
The emir urged governments to strengthen central bank independence, improve infrastructure, enhance security, deepen trade integration and maintain fiscal discipline.
He said the ultimate measure of success should not be launching a common currency but building a prosperous, resilient and competitive region.
Earlier, NILDS Director-General, Prof. Abubakar Sulaiman, described the proposed ECO currency as a critical issue shaping West Africa’s economic future.
Sulaiman said the quest for a common ECOWAS currency extended beyond technical considerations, carrying implications for sovereignty, stability and prosperity.
He noted that Nigeria, as the region’s largest economy, must undertake rigorous evidence-based assessments of monetary integration and national development implications.
According to him, the dialogue sought to move beyond theory by examining practical realities, policy implications and strategic considerations surrounding integration.
Sulaiman reaffirmed the institute’s commitment to providing research-driven insights that would guide lawmakers and policymakers while safeguarding Nigeria’s interests.
