Finance Ministers and Central Bank Governors from the 15-member Economic Community of West African States (ECOWAS) are advancing plans to launch a single currency initiative, known as the ECO.
This initiative aims to stimulate economic growth and development across the West African sub-region and has received Nigeria’s endorsement.
The single currency will be featured in the three-in-one identity cards planned by the National Identity Management Commission, set for roll-out by August.
A statement from the Ministry of Finance, signed by the Director of Press, Mohammed Manga, on Friday, highlighted Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun’s remarks.
He emphasized the critical role the ECO will play in fostering economic growth and development in the region, underscoring Nigeria’s unwavering commitment to its successful implementation.
The meeting marks a significant milestone towards realizing this ambitious goal. Participants reviewed the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states.
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region,” the statement noted.
This week’s gathering brought together key players instrumental in making this vision a reality, including the Minister of Finance of Cape Verde, Mr. Olavo Correia, the Minister of Finance and Economic Affairs of Côte d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam, among other representatives. These figures formed a collaborative force dedicated to shaping the future of West African economics.
The statement concluded, “The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction.
Participants emerged with a shared belief that the single currency holds immense potential to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states.”
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