29.05.2025 09:02
The Economic Community of West African States (ECOWAS) has intensified its efforts to implement the long-discussed common currency "eco."
During the event held in Abuja, the capital of Nigeria, to mark the 50th anniversary of ECOWAS, Nigerian Foreign Minister Yusuf Maitama Tuggar stated that a single currency is of great importance for the economic integration of the community.
"IT IS OF GREAT IMPORTANCE FOR ECONOMIC INTEGRATION"
Tuggar mentioned that the adoption of the "eco" is still an ongoing process, but it is crucial for regional economic integration. He pointed out that it is necessary to reach convergence criteria as part of the efforts, stating, "As of now, no country has fully met these criteria. For example, Nigeria is currently focusing on macroeconomic reforms for this reason. We are working to meet these criteria. It is a process, and it continues."
THE COMMON MARKET AND CUSTOMS UNION PROCESS CONTINUES
Tuggar noted that, in addition to a single currency, efforts to establish a common market and customs union are also ongoing for regional economic integration. He also referred to the celebrations organized for the 50th anniversary of ECOWAS, expressing that this event is not just an anniversary celebration but is also significant in reaffirming the commitment to the fundamental principles of ECOWAS.
WHAT HAPPENED?
ECOWAS leaders decided in 2019 to use the "eco" as the regional currency; however, political and economic reasons delayed its implementation. The adoption of the "eco" was also among the top agenda items at the ECOWAS Summit held in 2023.