The Economic Community of West African States (ECOWAS) is progressing towards the launch of its single currency initiative, the ECO.
Finance Ministers and Central Bank Governors from the 15 member states have endorsed this initiative, which aims to boost economic growth and development across the region.
Nigeria has expressed strong support for the ECO. The single currency is part of the new three-in-one Identity cards set to be rolled out by the National Identity Management Commission in August.
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A statement from the Ministry of Finance, signed by Director of Press Mohammed Manga, highlighted Nigeria’s commitment.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the ECO’s critical role in fostering regional economic growth and development.
This meeting marks a significant milestone in the journey toward the single currency’s implementation.
Participants reviewed preparations for the ECO’s introduction, laying the groundwork for a more integrated economic future for the ECOWAS member states.
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“The vision for the ECO extends beyond a mere currency,” the statement noted.
“It aims to become a cornerstone of economic integration, streamlining trade and enhancing monetary stability across the region.”
The meeting brought together key figures, including Cape Verde’s Minister of Finance Olavo Correia, Côte d’Ivoire’s Minister of Finance and Economic Affairs Adama Coulibaly, and Ghana’s Minister of Finance Mohammed Amin Adam.
These leaders, along with other representatives, are collaborating to shape the future of West African economics.
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The statement concluded that the meeting ended with a renewed sense of purpose regarding the ECO’s introduction.
Participants left 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.
