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Wednesday, 5 March 2025

ECOWAS Advances Plan for Single Currency and Regional Growth


The 11th Economic Community of West African States (ECOWAS) Convergence Council convened in Abuja, bringing together Ministers of Finance and Central Bank Governors to strengthen regional economic integration and advance the launch of the Eco currency by 2027. 

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presided over the session, reaffirming Nigeria’s dedication to economic cooperation within the region.

HM Edun underscored the necessity of fiscal and monetary discipline, highlighting that security concerns, inflation, and global economic shifts have delayed progress on monetary convergence. 

He detailed Nigeria’s economic policy reforms, including foreign exchange market adjustments, tax policy enhancements, and the removal of fuel subsidies, which have contributed to a GDP growth rate of 3.4% in 2024 and improved fiscal stability.

Beyond national policies, the Honourable Minister emphasized the need for enhanced regional coordination and ECOWAS’ active participation in global financial discourse. He referenced ongoing engagements with South Africa’s G20 presidency as a strategic opportunity to align West Africa’s economic objectives with the broader African agenda.

“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he concluded.

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  2. I look forward to ECOWAS using the Eco as a common currency by 2027. Establishing fiscal and monetary policies is very important, given the security issues and global economic challenges. The recent economic reforms in Nigeria, particularly changes in foreign exchange and taxation, help foster the desired economic stability in the region. Also, it reminds me as a student how far relations between regional policies and design integration can go, a topic that can be researched in great detail through various college exercises. As an example, designing a 5cs marketing assingment writing could involve consideration of how some forms of economic integration and cooperation could provide a favorable environment for business in West Africa.

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