Finance Ministers and Central Bank Governors from the 15 Economic Community of West African States (ECOWAS) are making significant strides towards launching the single currency initiative known as the ECO.
This initiative, aimed at driving economic growth and development throughout the West African sub-region, has received Nigeria’s endorsement.
The single currency is a key feature of the three-in-one identity cards planned by the National Identity Management Commission, which are set for roll-out by August.
A statement from the Ministry of Finance, signed by Director of Press Mohammed Manga on Friday, highlighted Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun’s comments on the critical role the ECO will play in fostering “economic growth and development in the region.” Edun emphasized Nigeria’s unwavering commitment to the successful implementation of the ECO.
This meeting marks a significant milestone on the path to realizing this ambitious goal. Participants reviewed the preparations for the introduction of the single currency, laying the groundwork for a more integrated economic future for the 15 ECOWAS member states.
The vision for the ECO goes beyond being just a currency; it aims to become a cornerstone of economic integration, streamlining trade and enhancing monetary stability across the region.
This week’s gathering included key figures instrumental in making this vision a reality, such as Cape Verde’s Minister of Finance Mr. Olavo Correia, Cote d’Ivoire’s Minister of Finance and Economic Affairs Mr. Adama Coulibaly, and Ghana’s Minister of Finance Mr. Mohammed Amin Adam, among other representatives. These individuals 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.”
