The Economic Community of West African States (ECOWAS) has made significant progress in its plans to introduce a single currency, known as the 'ECO', across the 15 member states. This initiative is aimed at fostering economic growth and development in the West African region.
As reported by PUNCH, According to a statement from the Nigerian Ministry of Finance, the Finance Ministers and Central Bank Governors of the ECOWAS member states convened a meeting to advance the preparations for the launch of the ECO. The meeting was attended by key figures such as the Finance Ministers of Cape Verde, Côte d'Ivoire, and Ghana, among other representatives.
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed Nigeria's unwavering commitment to the successful implementation of the ECO, noting its critical role in promoting economic growth and development in the region.
The statement highlighted that 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 15 ECOWAS member states.
The meeting marks a significant milestone in the preparations for the introduction of the ECO, as the participants discussed the necessary steps and laid the groundwork for a more integrated economic future for the region.
According to the statement, the meeting culminated in a renewed sense of purpose surrounding the ECO's introduction, with the participants expressing a shared belief that the single currency holds immense potential to reshape the economic landscape of West Africa, paving the way for a more prosperous future for all member states.
The introduction of the ECO is expected to be a key feature of the three-in-one Identity cards planned by the National Identity Management Commission (NIMC), which are set for rollout by August 2024.