Ken Ife: Nigeria Must Align Economy with ECOWAS Criteria to Lead Planned Single Currency Launch
Nume Ekeghe Nigeria must urgently align its macroeconomic framework with the convergence requirements of the Economic Community of West African States (ECOWAS) if it is to play a leading role
Economic policy expert Prof. Ken Ife has urged Nigeria to align its economic framework with the Economic Community of West African States (ECOWAS) to effectively participate in the proposed 2027 launch of the regional single currency, the ECO. Ife, a Development Consultant and Lead Consultant at ECOWAS, advocated for a phased approach to the ECOWAS single currency nearly two decades ago.
He argued that countries meeting the bloc's macroeconomic convergence criteria should have been allowed to introduce the currency initially, while others would join later. ECOWAS officials recently reaffirmed their commitment to the 2027 launch target after reviewing member states' economic performance and convergence status. Ife recalled proposing the phased approach in 2007 during a meeting with ECOWAS President in Portugal.
He cautioned that Nigeria's delayed progress in meeting the convergence criteria could hinder its influence within the ECOWAS monetary integration process. Nigeria currently accounts for 65% of the ECOWAS economic output but must further improve its macroeconomic framework, particularly by bringing inflation down to single digits by 2030, to assume a leading role in the ECO currency launch.
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