The Economic Community of West African States (ECOWAS) has announced plans to launch a single regional currency, the Eco, by 2027. This was disclosed during the 11th ECOWAS Convergence Council meeting held in Abuja on Monday, where financial leaders, including Ministers of Finance and Central Bank Governors, gathered to discuss strategies for achieving this milestone.
In a statement signed by Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the importance of monetary and fiscal discipline in realizing the Eco currency.
Edun highlighted the challenges slowing progress toward full monetary convergence, including security issues, inflation, and global economic disruptions. However, he pointed to Nigeria’s recent economic reforms as positive steps toward regional stability. These reforms include foreign exchange market reforms to stabilize the naira, tax policy enhancements to improve revenue generation, and fuel subsidy removal to enhance fiscal sustainability.
According to Edun, these measures have contributed to Nigeria’s GDP growth of 3.4% in 2024, setting a positive trajectory for regional economic stability.
Beyond national policy adjustments, Edun stressed the importance of stronger regional economic coordination and ECOWAS’ role in shaping global financial policies. He emphasized ongoing engagements with South Africa’s G20 presidency as a strategic opportunity to align West Africa’s economic agenda with broader African objectives.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun concluded.
The proposed Eco currency aims to foster greater economic integration among ECOWAS member states by:
- Facilitating trade through a unified payment system.
- Enhancing price stability and reducing inflationary pressures.
- Attracting foreign direct investment (FDI) by presenting a more stable economic bloc.
- Improving cross-border transactions, making it easier for businesses to operate seamlessly across West Africa.
The launch of the Eco currency represents a significant step toward strengthening economic ties and financial stability in the region.
