Nigeria has urged West African Ministers of Finance and Central Bank Governors to uphold fiscal and monetary discipline, revealing that security challenges, inflation and global economic disruptions have slowed progress toward monetary convergence in the region.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this call while chairing the 11th ECOWAS Convergence Council meeting in Abuja on Monday.
The high-level session attracted financial leaders from across West Africa to discuss the planned launch of the Eco currency by 2027 and strategies for achieving regional economic stability.
Edun spoke about Nigeria’s ongoing economic reforms, positioning them as a model for the region.
He pointed to key policy measures such as foreign exchange market reforms, improvements in tax policy and the removal of fuel subsidies.
These initiatives, he noted, have contributed to Nigeria’s GDP growth, which has reached 3.4 percent in 2024, while also enhancing fiscal sustainability.
“As we take steps towards economic integration, Nigeria’s experience demonstrates that decisive reforms can yield tangible benefits,” Edun stated.
Beyond domestic economic policies, the Minister pointed out the need for stronger regional coordination in financial and economic decision-making.
He also stressed ECOWAS’ role in shaping global financial policies, citing ongoing engagements with South Africa’s G20 presidency as a vital opportunity to align West Africa’s economic priorities with broader African goals.
“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” Edun remarked, urging regional cooperation to ensure the successful implementation of the Eco currency.
The ECOWAS Convergence Council meeting reiterated the commitment of member states to launching the Eco currency by 2027. The introduction of a common currency is expected to enhance trade, economic cooperation, and financial stability within the region, positioning West Africa as a significant player in the global economy.
The Economic Community of West African States (ECOWAS), a regional economic bloc comprising 16 West African nations, continues to push for greater economic integration to drive sustainable growth and development.
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