Nigeria Calls for Fiscal Discipline as ECOWAS Targets 2027 Eco Currency Launch

Nigeria Calls for Fiscal Discipline as ECOWAS Targets 2027 Eco Currency Launch

Nigeria has urged West African finance ministers and central bank governors to uphold strict fiscal and monetary discipline, warning that security challenges, inflation, and global economic disruptions have slowed progress toward the region’s long-awaited monetary convergence.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the appeal while chairing the 11th ECOWAS Convergence Council meeting in Abuja on Monday.

The high-level meeting brought together financial leaders from across West Africa to discuss strategies for stabilizing the regional economy and ensuring the successful introduction of the Eco currency by 2027.

Edun highlighted Nigeria’s ongoing economic reforms, citing them as a model for other ECOWAS nations. He pointed to key policy initiatives, including foreign exchange market reforms, improved tax policies, and the removal of fuel subsidies. These measures, he noted, have driven Nigeria’s GDP growth to 3.4% in 2024 while enhancing fiscal sustainability.

“As we take steps towards economic integration, Nigeria’s experience demonstrates that decisive reforms can yield tangible benefits,” Edun stated.

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Beyond national economic policies, Edun emphasized the importance of stronger regional coordination in financial decision-making.

“This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity,” he said, urging deeper collaboration among ECOWAS member states.

The ECOWAS Convergence Council reaffirmed its commitment to launching the Eco currency by 2027, with hopes that a common currency will boost trade, economic cooperation, and financial stability across the region, positioning West Africa as a key player in the global economy.