The Economic Community of West African States (ECOWAS) has announced progress toward launching a single regional currency, the Eco, by 2027.
In a statement released on Monday, Mohammed Manga, Director of Information and Public Relations at the Federal Ministry of Finance, confirmed the development as financial leaders convened in Abuja for the 11th ECOWAS Convergence Council meeting.
The gathering, which brought together Finance Ministers and Central Bank Governors from across the region, focused on accelerating the introduction of the Eco to strengthen economic integration and financial stability in West Africa.
Presiding over the session, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the need for strict monetary and fiscal discipline to achieve the currency’s successful implementation. He highlighted key challenges hampering progress, including security threats, inflation, and global economic disruptions.
Despite these hurdles, Edun pointed to Nigeria’s recent economic reforms—such as foreign exchange market adjustments to stabilize the naira, tax policy improvements to enhance revenue, and fuel subsidy removal to ensure fiscal sustainability—as positive steps toward economic resilience. He noted that these efforts contributed to a GDP growth of 3.4% in 2024, setting a strong foundation for regional stability.
Beyond domestic reforms, Edun emphasized the importance of strengthened regional economic coordination and ECOWAS’ role in shaping global financial policies. He also highlighted ongoing engagements with South Africa’s G20 presidency, viewing them as a strategic opportunity to align West Africa’s economic goals with broader African development objectives.
“This is our chance to shape the future of our region. We must work together to achieve economic stability, growth, and prosperity,” Edun stated.
The proposed Eco currency is expected to drive deeper economic integration among ECOWAS member states by facilitating trade through a unified payment system, enhancing price stability, reducing inflationary pressures, attracting foreign direct investment (FDI) by presenting a more stable economic bloc, and streamlining cross-border transactions to improve business operations across West Africa.