ECOWAS set to unveil single currency, ECO after Nigeria endorsement

Plans have reached the advanced stage to launch the Economic Community of West African States (ECOWAS) single currency initiative, otherwise known as ECO.

This was after the Nigerian government endorsed the initiative, which is envisioned to propel growth and development throughout the West African sub-region.

The ECOWAS single currency has also been incorporated as a feature in the three-in-one identity card planned by the National Identity Management Commission (NIMC) and set for roll-out in August.

Finance Ministers and Central Bank Governors from the 15 ECOWAS member states agreed on modalities for the initiative at the 92nd Ordinary Session of the ECOWAS Council of Ministers held in Abuja during the week.

The meeting represents a significant step towards realising the ambitious goal.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy Wale Edun, in a statement signed by the Director Of Press in his ministry, Mohammed Manga, highlighted the anticipated impact of the single currency initiative.

Edun said the ECO will play a critical role in fostering “economic growth and development in the region,” further emphasising Nigeria’s unwavering commitment to its successful implementation.

According to the statement, participants engaged in preparations for the single currency's introduction, laying the groundwork for a more integrated economic future for the 15 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, Olavo Correia, the Minister of Finance and Economic Affairs of Cote d’Ivoire, Adama Coulibaly, and the Ghanaian Minister of Finance, Mohammed Amin Adam amongst other representatives.

“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,” the statement added.