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Nigeria stays dedicated to a profitable launch of the Financial Group of West African States (ECOWAS) single foreign money often called the ECO.
The Minister of Finance and Coordinating Minister of the Economic system, Wale Edun, on Friday reaffirmed Nigeria’s dedication in a press release signed by the ministry’s spokesman, Mohammed Manga.
Manga mentioned Edun spoke on Thursday when he hosted a digital high-level committee assembly on the finance headquarters in Abuja to debate the sensible preparations for introducing the ECO.
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“HM Edun emphasised the significance of the ECO in fostering financial progress and growth within the area and reiterated Nigeria’s dedication to the profitable implementation of the only foreign money,” Manga mentioned.
“He mentioned the ECO goals to advertise financial integration, facilitate commerce, and improve financial stability among the many fifteen ECOWAS member states.”
The robust push for the ECO is coming amid some latest obstacles, with the convergence charge amongst member states dropping ing to 29.2% final 12 months, which is considerably decrease than the goal for adoption.
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The assertion issued by Manga, nevertheless, confirmed that member nation’s of the ECOWAS are decided to realize the objective of a single foreign money.
“The assembly culminated in a renewed sense of function surrounding the ECO’s introduction. Members went by means of the preparations for the only foreign money’s introduction, laying the groundwork for a extra built-in financial future for the fifteen ECOWAS member states,” he mentioned.
“In addition they emerged with a shared perception that the only foreign money holds immense potential to reshape the financial panorama of the area, paving the best way for a extra affluent future for all member states.
“The imaginative and prescient for the ECO extends past a mere foreign money. It aspires to grow to be a cornerstone of financial integration, streamlining commerce and bolstering financial stability throughout the area.”
The assembly had in attendance main stakeholders, together with the Central Financial institution of Nigeria (CBN), Cape Verde’s Minister of Finance, Olavo Correia, Cote d’Ivoire’s Minister of Finance and Financial Affairs, Adama Coulibaly and Ghana’s Minister of Finance, Mohammed Amin Adam, in addition to different distinguished representatives.
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