The Economic Community of West African States (ECOWAS) is working towards introducing a single regional currency, called the Eco, by 2027.
This was announced in a statement by the Federal Ministry of Finance’s Director of Information and Public Relations, Mohammed Manga, on Monday. The update came as financial leaders gathered in Abuja for the 11th ECOWAS Convergence Council meeting.
At the meeting, which brought together Finance Ministers and Central Bank Governors from across West Africa, discussions focused on how to speed up the launch of the Eco currency. The goal is to strengthen economic cooperation and financial stability in the region.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led the session. He emphasized that for the Eco to become a reality, countries must maintain strict financial and economic discipline. He also pointed out challenges such as security issues, inflation, and global economic instability that have slowed progress.
However, Edun highlighted Nigeria’s recent economic reforms, such as changes in the foreign exchange market to stabilize the naira, new tax policies to boost revenue, and the removal of fuel subsidies to improve government finances. These measures have contributed to a GDP growth of 3.4% in 2024, creating a positive outlook for economic stability in West Africa.
The Minister also stressed the importance of stronger regional cooperation and ECOWAS’ role in shaping global financial policies. He mentioned ongoing discussions with South Africa’s G20 leadership, which offer a chance to align West Africa’s economic plans with broader African development goals.
“This is our chance to shape the future of our region. We must work together to build a stable and prosperous economy,” Edun said.
The Eco currency aims to:
Make trade easier among ECOWAS nations through a shared payment system
Control inflation and improve price stability
Attract foreign investment by creating a more stable economic environment
Simplify cross-border transactions, making it easier for businesses to operate across West Africa.
With the 2027 target in place, ECOWAS countries will need to intensify efforts to meet the requirements for a successful currency launch.