July 17, 2024
Nigeria endorses ECOWAS single currency initiative

Nigeria endorses ECOWAS single currency initiative

Nigeria has officially announced its support for the Economic Community of West African States (ECOWAS) initiative to launch a unified currency, named “Eco.” This initiative, now in advanced stages of planning, aims to become the cornerstone of economic integration across West Africa, facilitating trade and enhancing monetary stability throughout the region.

According to Nigeria’s “Pulse” business journal on Sunday, the government’s endorsement of the Eco initiative is expected to propel growth and development across West Africa.

The single ECOWAS currency, Eco, is also being incorporated as an additional feature in the upcoming multi-functional identity card planned by Nigeria’s National Identity Management Commission, set to be released in August.

Finance ministers and central bank governors from the 15 ECOWAS member states agreed on the implementation strategies for the initiative during the 92nd Ordinary Session of the ECOWAS Council of Ministers held in Abuja this week.

This meeting marks a significant step towards the ambitious goal of launching the Eco currency.

In a statement signed by Mohammed Manga, Director of Press for the Ministry of Finance, Nigerian Minister of Finance and Economic Coordination Wale Edun highlighted the anticipated impact of the single currency initiative.

“The unified currency will play a vital role in enhancing economic growth and development in the region,” Edun said, reaffirming Nigeria’s unwavering commitment to the successful implementation of the initiative.

According to the statement, stakeholders have actively contributed to the preparations for the launch of the single currency, paving the way for a more integrated economic future for the 15 member states.

Key players crucial to achieving this vision participated in this week’s meeting, including Cape Verde’s Minister of Finance, Olavo Correia, Ivory Coast’s Minister of Finance and Economic Affairs, Adama Coulibaly, and Ghana’s Minister of Finance, Mohammed Amin Adam, along with other representatives.

Participants emerged from the meeting with a shared belief in the tremendous potential of the Eco currency to reshape the economic landscape of the region, paving the way for a more prosperous future for all member states, the statement added.

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