The Economic Community of West African States (ECOWAS) is poised to launch a single currency, the ECO, aimed at boosting economic growth and development in the sub-region. Nigeria has endorsed the initiative, which is part of the features in the three-in-one Identity cards planned by the National Identity Management Commission for roll-out by August.
“The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region,” said Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The recent meeting of ECOWAS Finance Ministers and Central Bank Governors marked a significant milestone in realizing this goal. Participants, including ministers from Cape Verde, Cote d’Ivoire, Ghana, and other representatives, demonstrated a renewed sense of purpose surrounding the ECO’s introduction.
“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 read.
The ECO is expected to foster economic growth, development, and integration among the 15 ECOWAS member states. With a shared belief in the currency’s potential, the region is poised for a more integrated economic future.