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Nigeria Hosts ECOWAS Finance Chiefs For Single Currency Launch

Published

5 months ago

Jul 6, 2024.

Finance Ministers and Central Bank Governors from the Economic Community of West African States (ECOWAS) have met in Abuja to discuss the launch of the ECO, a single regional currency.

Eko Hot Blog reports that the meeting received a strong endorsement from Nigeria, the largest economy in West Africa.

According to a statement released by the Nigeria’s Minister of Finance and Coordinating Minister of the Economy, the ECO is expected to play a crucial role in fostering economic development within the community.

“Nigeria is fully committed to the ECO and its potential to improve economic growth and development in the region,” Edun stated.

The Abuja meeting focused on detailed preparations for the introduction of the ECO, marking a crucial step toward the realization of this ambitious currency integration project.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy Wale Edun

The discussions aimed to lay a robust groundwork to ensure a smooth transition to a single currency system among the fifteen member states of ECOWAS.

“The envisioned single currency extends beyond the simplification of monetary transactions—it seeks to become a cornerstone of economic integration.

By streamlining trade and enhancing monetary stability, the ECO aims to transform the economic landscape of West Africa, making it easier for countries to engage in cross-border commerce and investment.”

The gathering saw the participation of key economic leaders from the region, including Mr Olavo Correia, Minister of Finance of Cape Verde; Mr Adama Coulibaly, Minister of Finance and Economic Affairs of Cote d’Ivoire; and Mr Mohammed Amin Adam, Minister of Finance of Ghana.

These figures, among others, form a collaborative effort dedicated to shaping a prosperous economic future for West Africa.

“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 economic landscape of the region, paving the way for a more prosperous future for all member states”. the statement concluded.

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