West African finance ministers and central bank governors convened in Abuja on March 3, 2025, to discuss the long-anticipated introduction of the ECO, a proposed single currency for the Economic Community of West African States (ECOWAS). The initiative, seen as a critical step toward deeper regional integration, took center stage at the 11th Session of the ECOWAS Convergence Council.
The meeting, organized by the ECOWAS Commission, reviewed the findings of the bloc’s Macroeconomic Policy Technical Committee, which had convened from February 27 to March 1. Key deliberations focused on the progress made in implementing the ECO Roadmap and the challenges hindering its realization.
Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Adebayo Olawale Edun, addressed delegates at the opening ceremony, calling for decisive action toward a unified currency. He stressed that the ECO would serve as a catalyst for economic growth, trade facilitation, and improved livelihoods across West Africa.
The push for a single currency has been a long-standing ambition for ECOWAS, but structural and economic disparities among member states have delayed its launch. The latest discussions signal a renewed commitment to overcoming these obstacles and achieving monetary integration in the region.
