According to Channels Television, Nigeria is committed to implementing the single currency ECO for the Economic Community of West African States (ECOWAS), Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced on Thursday.
In a virtual high-level committee meeting hosted in Abuja, Edun emphasized the potential of the ECO to drive economic growth and development across the region. “The single currency will promote economic integration, facilitate trade, and enhance monetary stability among the fifteen member states of ECOWAS,” Edun stated.
The meeting convened key stakeholders, including representatives from the Central Bank of Nigeria (CBN), and finance ministers from Cape Verde, Côte d'Ivoire, and Ghana. The ministers collectively expressed their countries' readiness to adopt the ECO and outlined the steps needed to ensure its successful implementation.
Cape Verde's Minister of Finance, Olavo Correia, Côte d'Ivoire's Minister of Finance and Economic Affairs, Adama Coulibaly, and Ghanaian Minister of Finance, Mohammed Amin Adam, also reiterated their support, highlighting the importance of a unified currency in simplifying transactions and fostering regional cooperation.
Edun pointed out that the ECO is expected to streamline economic activities, reduce currency exchange costs, and improve monetary policy coordination among member states. “Nigeria is fully committed to this initiative and will continue to work closely with other ECOWAS nations to realize this vision,” he added.
The initiative aims to create a more stable and integrated economic environment in West Africa, potentially transforming the region into a more competitive and prosperous economic bloc. The single currency is seen as a critical step towards deeper economic integration and stronger collective economic resilience.
The finance ministry’s spokesman, Mohammed Manga, noted that the meeting was a significant milestone in the journey towards the ECO, reflecting the shared commitment of West African nations to advance regional economic interests.
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