The 11th ECOWAS Convergence Council convened in Abuja, bringing together Ministers of Finance and Central Bank Governors to discuss regional economic integration and the planned Eco currency launch by 2027. The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, chaired the session, reaffirming Nigeria’s commitment to regional economic cooperation. HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel subsidy removal, which have helped boost GDP growth to 3.4% in 2024 and improve fiscal sustainability.
Beyond domestic policies, the Honourable Minister stressed the importance of stronger regional coordination and ECOWAS’ role in global financial decision-making. He pointed to ongoing engagements with South Africa’s G20 presidency as an 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,” he concluded.
