Nigeria’s Minister of Foreign Affairs, Mr Yusuf Tuggar, has described the proposed Eco currency as a vital tool for the deeper unification of the West African region.
He made the disclosure while speaking on Arise TV on Wednesday morning on the commemoration of the 50th anniversary of the Economic Community of West African States (ECOWAS).
He called on member states to prioritise the economic and technical conditions necessary for its successful implementation.
Business Post reports that ECOWAS had once again announced in March that the single regional currency will be launched by 2027.
Mr Tuggar, however, said there are certain benchmarks ECOWAS member states have to meet before the creation of a regional currency is possible.
“The creation of an eco-currency is most genuine. It will further unite us, unite Anglophone, Francophone countries in the region, and we continue to work at that. We have to first and foremost reach convergence, and that’s why in the opening I talked about legal and regulatory convergence, which is very important.
“There are so many things that are happening in terms of this convergence to do with livestock, to do with water systems, the West Africa power pool that ECOWAS has achieved, and milestones.
“Unless you attain that, having a common currency would not be possible, and all the countries have to reach a certain benchmark before you have a common currency.”
The proposed Eco currency aims to foster greater economic integration among ECOWAS member states by facilitating trade through a unified payment system, enhancing price stability and reducing inflationary pressures.
The single currency is also aimed at attracting foreign direct investment (FDI) by presenting a more stable economic bloc, and improving cross-border transactions, making it easier for businesses to operate seamlessly across West Africa.
Mr Tuggar also acknowledged longstanding tensions surrounding the role of France in the monetary affairs of Francophone West Africa.
He also pointed to recent reforms, such as the transfer of foreign reserves from Paris to Dakar, as a step towards greater regional autonomy.
The minister praised ECOWAS for sustaining unity among Anglophone, Francophone, and Lusophone countries over the past five decades, contrasting it with earlier failed groupings like UDAO.
He highlighted ongoing projects such as the Abidjan-Lagos and Abidjan-Dakar trade corridors, the ECOWAS Trade Liberalisation Scheme, and SIGMAT, a digital customs platform.