Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has attributed inflation and global economic disruptions as key obstacles to monetary convergence within the Economic Community of West African States (ECOWAS).
Speaking at the 11th ECOWAS Convergence Council in Abuja, where finance ministers and central bank governors gathered to discuss the long-anticipated launch of the Eco currency by 2027, Edun reaffirmed Nigeria’s commitment to regional economic cooperation.
ECOWAS had initially planned to launch the Eco currency in January 2020, following its 55th ordinary session in July 2019. However, the 15-member regional bloc later adopted a new roadmap at its 59th ordinary session in Ghana in 2021, postponing the launch to 2027.
According to a statement by Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, Edun highlighted the need for monetary and fiscal discipline, emphasizing security challenges, inflation, and global economic disruptions as factors hampering progress toward monetary convergence.
“Security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence,” Edun said. He also pointed to Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and the removal of petrol subsidies, as significant steps toward economic stability. These measures, he noted, contributed to a 3.4 percent GDP growth rate in 2024 and improved fiscal sustainability.
Beyond domestic economic policies, Edun stressed the importance of regional coordination and ECOWAS’ role in shaping global financial policies. He highlighted ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African development goals.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun said.
The Ministry of Finance stated that West Africa is on the verge of making history with the introduction of the Eco currency. It described the move as a monumental achievement that would enhance economic integration among ECOWAS member states and reinforce the region’s commitment to global economic stability and prosperity.
Manga added that the successful adoption of the Eco currency would solidify West Africa’s position in the global economy, fostering growth, innovation, and opportunities for future generations.
