In a decisive move toward economic unity, the Economic Community of West African States (ECOWAS) convened its 11th Convergence Council in Abuja, reaffirming its commitment to launching the long-awaited Eco currency by 2027.
Regional finance leaders gathered in Abuja to accelerate monetary integration, tackle economic hurdles, and position West Africa for global financial influence.
Director of Information and Public Relations, Muhammed Manga in a statement on Tuesday indicated that the high-stakes gathering brought together finance ministers and central bank governors from across the region, with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, leading the charge.
Chairing the session, Edun underscored Nigeria’s unwavering support for the Eco project, emphasizing the need for monetary and fiscal discipline to overcome persistent challenges such as inflation, security concerns, and global economic shocks.
He highlighted Nigeria’s economic reforms—including foreign exchange market adjustments, tax policy enhancements, and fuel subsidy removal, which have driven GDP growth to 3.4% in 2024 and improved fiscal sustainability.
Beyond national efforts, Edun stressed the necessity of deeper regional collaboration, urging ECOWAS nations to align their economic policies and seize global opportunities, particularly through engagements with South Africa’s G20 presidency.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he declared.
The proposed Eco currency, once implemented, will be a game-changer for the 16-member bloc, fostering seamless trade, enhancing financial stability, and strengthening ECOWAS’ influence on the global stage.
With the world’s attention on West Africa, the 2027 rollout of the Eco stands as a defining moment in the region’s economic evolution.