Nigeria remains committed to a successful launch of the Economic Community of West African States (ECOWAS) single currency known as the ECO.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday reaffirmed Nigeria’s commitment in a statement signed by the ministry’s spokesman, Mohammed Manga.
Manga said Edun spoke on Thursday when he hosted a virtual high-level committee meeting at the finance headquarters in Abuja to discuss the practical arrangements for introducing the ECO.
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“HM Edun emphasised the importance of the ECO in fostering economic growth and development in the region and reiterated Nigeria’s commitment to the successful implementation of the single currency,” Manga said.
“He said the ECO aims to promote economic integration, facilitate trade, and enhance monetary stability among the fifteen ECOWAS member states.”
The strong push for the ECO is coming amid some recent obstacles, with the convergence rate among member states dropping ing to 29.2% last year, which is significantly lower than the target for adoption.
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The statement issued by Manga, however, showed that member nation’s of the ECOWAS are determined to achieve the goal of a single currency.
“The meeting culminated in a renewed sense of purpose surrounding the ECO’s introduction. Participants went through the preparations for the single currency’s introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states,” he said.
“They also emerged with a shared belief that 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 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.”
The meeting had in attendance major stakeholders, including the Central Bank of Nigeria (CBN), Cape Verde’s Minister of Finance, Olavo Correia, Cote d’Ivoire’s Minister of Finance and Economic Affairs, Adama Coulibaly and Ghana’s Minister of Finance, Mohammed Amin Adam, as well as other distinguished representatives.
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