If everything goes to plan, countries in the West African sub-region under the platform of ECOWAS will have a single currency from next year. Finance ministers and central bank governors from the region met recently in Abidjan where they agreed on modalities to set up the single currency for the block. But just how prepared is the business community in the region's biggest economy, Nigeria? CGTN's Deji Badmus reports.

One big reason why Nigeria has not yet signed up to the Africa Continental Free Trade Area agreement is because local manufacturers and businesses are still very skeptical about the initiative and how it could impact their business. And like with the ACFTA, their approach to the Ecowas single currency plan has been with extreme caution.

JOHNSON CHUKWU INVESTMENT BANKER "There is what they call common Ecowas Tarrif, CET, that is in place but it has not been fully implemented. So before we get to the point of convergence of currency, we must also define convergence criteria. Ultimately the objective of having a common currency within the ECOWAS countries is a very altruistic and positive economic idea but we have not gotten to the level where the convergence standards are about the same level."

The Nigerian government has actually not shown much enthusiasm about the single currency initiative at some point calling for caution and warning against a hasty decision on the issue.

It's not really clear at the moment what consultation, if any, it is having. With the countries business community on the proposed regional single currency. And it's difficult to see how the initiative could gain serious traction if the largest economy in the region is hesitant about the idea.

JOHNSON CHUKWU INVESTMENT BANKER "We need to improve the level of infrastructure within the West African region so that transport infrastructure is enhanced, goods and people can move easily from one location to the other. You open up the borders, you have a common external tariff. These are factors that will enhance the convergence before you adopt a common currency."

If regional leaders chose to make the 2020 date for the roll-out of the currency a reality at their next meeting in Abuja, it is highly unlikely Nigeria will join the train. At least not initially. The country is still taking its time to sign up to the Continental Free Trade Agreement. There is every likelihood it will even take a much longer time to join the single currency. But make no mistake, most Nigerian businesses know the potential of the initiative.

JOHNSON CHUKWU INVESTMENT BANKER "The implication of a common Ecowas tariff and a common currency is that countries like Nigeria that is staying away from signing the Africa Continental Free Trade Agreement, will be compelled to join it once the Ecowas adopts a common currency and the Ecowas is part of AfcTA. So you cant keep away from it. Although I don't expect Nigeria to keep away from AFCTA for a very long time. But we will automatically find ourselves in that common tariff zone."

DEJI BADMUS LAGOS, NIGERIA "Everyone will be closely watching the Ecowas heads of State meeting scheduled for the Nigerian capital in a few days from now. All eyes will certainly be on the Nigerian President, Muhammadu Buhari, to see how he reacts to the planned 2020 rollout date for the Ecowas single currency. DB,CGTN,L,N."