Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States have advanced plans to launch the single currency initiative, known as the ECO.
This initiative envisioned to propel economic growth and development throughout the West African sub-region, received Nigeria’s endorsement.
The single currency is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission and set for roll-out by August.
A statement from the Ministry of Finance signed by the Director Of Press, Mohammed Manga, on Friday, said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted the critical role the ECO will play in fostering “economic growth and development in the region,” further emphasising Nigeria’s unwavering commitment to its successful implementation.
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The meeting marks a significant milestone on the path towards realising this ambitious goal.
The statement noted that participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen 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.”
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 Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Minister of Finance, Mr. Mohammed Amin Adam amongst other representatives.
These figures, along with others, formed a collaborative force dedicated to shaping the future of West African economics.
According to the statement, “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”.