Nigeria's Ministry of Finance announced that the Economic Community of West African States (ECOWAS) convened its 11th Convergence Council in Abuja, bringing together Ministers of Finance and Central Bank Governors to advance discussions on monetary convergence and preparations for the planned launch of the Eco currency by 2027. Finance Minister and Coordinating Minister of the Economy Wale Edun chaired the session and reaffirmed Nigeria’s commitment to regional economic cooperation. The ministry highlighted Edun’s call for stronger monetary and fiscal discipline, while noting that security challenges, inflation and global economic disruptions have slowed progress toward convergence. It also pointed to Nigeria’s recent economic reforms, including foreign exchange market reforms, tax policy improvements and fuel subsidy removal, which it said supported 3.4% GDP growth in 2024 and improved fiscal sustainability, alongside a push for stronger regional coordination and greater ECOWAS engagement in global financial decision-making, including through South Africa’s G20 presidency.
Ministry of Finance (Nigeria) 2025-03-03
Nigeria's Ministry of Finance chairs ECOWAS Convergence Council on plans for Eco currency launch by 2027
Nigeria's Ministry of Finance reported on the 11th ECOWAS Convergence Council meeting in Abuja, focusing on monetary convergence and the Eco currency launch by 2027. Finance Minister Wale Edun emphasized Nigeria's commitment to regional cooperation and called for enhanced monetary and fiscal discipline amid security and economic challenges. The ministry noted Nigeria's economic reforms, including foreign exchange and tax policy changes, contributing to 3.4% GDP growth in 2024 and improved fiscal sustainability.