Joel Ajayi
In a major push for regional economic integration and stability, the Economic Community of West African States (ECOWAS), has convened the 11th ECOWAS Convergence Council in Abuja, bringing together top financial leaders including Ministers of Finance and Central Bank Governors to further discuss plans for the highly anticipated Eco currency launch by 2027. This pivotal moment marks a significant step towards a more unified and prosperous West Africa.
The Economic Community of West African States (ECOWAS) is a regional economic union of 16 West African countries, aiming to promote economic integration, cooperation, and development in the region. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing the session today, reaffirmed Nigeria’s commitment to regional economic cooperation.
HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel subsidy removal, which have helped boost GDP growth to 3.4% in 2024 while also improving fiscal sustainability.
Beyond domestic policies, the Minister stressed the importance of stronger regional coordination and ECOWAS’ role in global financial decision-making. He pointed to ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African goals.
*This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,* he concluded.
As the world watches, West Africa is poised to make history with the launch of the Eco currency. This monumental achievement will not only foster greater economic integration and cooperation among ECOWAS member states but also send a powerful message about the region’s commitment to global economic stability and prosperity.
With the successful implementation of the Eco currency, West Africa will cement its position as a major player in the global economy, driving growth, innovation, and opportunities for generations to come.
