The Economic Community of West African States (ECOWAS) has taken steps to launch a single regional currency by 2027.
This was disclosed in a statement signed by the FCAI, Director of Information and Public Relations at the Nigeria’s Federal Ministry of Finance, Mohammed Manga, as financial leaders gathered in Abuja for the 11th ECOWAS Convergence Council meeting.
The meeting, which brought together Ministers of Finance and Central Bank Governors, focused on strategies to fast-track the much-anticipated launch of the Eco currency to boost economic integration and financial stability in West Africa.
Chairing the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the importance of monetary and fiscal discipline in achieving the Eco currency.
He highlighted the impact of security challenges, inflation, and global economic disruptions as key obstacles slowing down progress toward full monetary convergence.
However, Edun pointed to Nigeria’s recent economic reforms, including foreign exchange market reforms to stabilise the naira, tax policy enhancements to improve revenue generation, and fuel subsidy removal to enhance fiscal sustainability.
According to him, these measures have contributed to GDP growth of 3.4% in 2024, setting a positive trajectory for regional economic stability.
