ECOWAS Ministers Advance Single Currency Initiative for Economic Integration


Finance Ministers and Central Bank Governors from the 15-member Economic Community of West African States (ECOWAS) have made significant progress in advancing the single currency initiative, known as the ECO. This ambitious project, aimed at propelling economic growth and development across West Africa, has received strong endorsement from Nigeria.

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The ECO is part of a broader initiative that includes three-in-one identity cards, planned for rollout by the National Identity Management Commission in August. A statement from the Ministry of Finance, signed by Director of Press Mohammed Manga on Friday, highlighted the importance of this development. Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized the critical role the ECO will play in fostering regional economic growth and development, reaffirming Nigeria’s commitment to its successful implementation.

The meeting marked a significant milestone in the journey toward realizing this ambitious goal. Participants reviewed the preparations for the ECO’s introduction, laying the groundwork for a more integrated economic future for the 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 figures essential to making this vision a reality, including Cape Verde’s Minister of Finance, Mr. Olavo Correia, Côte 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 leaders 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 region’s economic landscape, paving the way for a more prosperous future for all member states.

By Naija247news
By Naija247news
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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