Finance ministers and central bank governors of the Economic Community of 15 West African states have pushed ahead with plans to introduce the Single Currency Initiative, known as ECO.|
This initiative, which is designed to boost economic growth and development across the West African sub-region, has been supported by Nigeria.|
The single currency is part of the features of the three-in-one identity documents planned by the National Identity Management Commission, which is scheduled for launch in August.|
A statement from the Ministry of Finance signed on Friday by the Director of Press, Mohammed Manga, said Nigeria's Minister of Finance and Coordinating Minister for Economic Affairs, Mr.| Wale Edun stressed the crucial role the OCE will play in promoting "economic growth and development in the region," and further emphasized Nigeria's unwavering commitment to its successful implementation.
The statement noted that participants went through the preparations for the single currency's introduction, laying the groundwork for a more integrated economic future for the fifteen ECOWAS member states.
"The vision for the ECO extends beyond a mere currency. It aspires to become a cornerstone of economic integration, streamlining trade and bolstering monetary stability across the region."
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This week's meeting brought together key players instrumental in realising this vision, including the Minister of Finance of Cape Verde, Mr. | Olavo Correia, the Minister of Finance and Economy of Côte d'Ivoire, Mr. | Adama Coulibaly, and the Minister of Finance of Ghana, Mr. | Mohammed Amin Adam, among other representatives.|
These figures, together with others, formed a collaborative force dedicated to shaping the future of the West African economy.|
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The statement said: "The meeting culminated in a new sense of purpose around the launch of the ECO.| Participants shared the belief that the single currency has enormous potential to reshape the region's economic landscape and pave the way to a more prosperous future for all member states."|
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