The Economic Community of West African States (ECOWAS) has ramped up efforts to finalize practical arrangements for the launch of the single currency, “ECO,” for the region, following the consensus reached on implementing the directives issued at its 65th Ordinary Session.

This was disclosed in a communiqué released after the 66th Ordinary Session of the Authority of the Heads of State and Government meeting, which took place in Abuja on Sunday.

The ECOWAS bloc, comprising 15 countries, had initially planned to launch the currency in 2020, but the coronavirus pandemic led to delays.

The new launch date is set for 2027.

The Authority confirmed that it adopted the criteria proposed by the High-Level Committee for selecting candidate Member States for the launch of “ECO,” or those that would join at a later stage.

It also instructed the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the protocol establishing the “ECOWAS Monetary Union Agreement.”

The Authority also endorses the proposals of the High-Level.

Committee on the costs, sources and modalities for financing the implementation of the reforms and institutions needed to launch the ECO.

It urged the central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalisation of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken.

The Heads of State also urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met.

The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.

Considering the critical role of agriculture in the socio-economic development of ECOWAS member states, the Authority directed the commission to ensure a swift implementation of the regional strategy for the Development of Livestock Farming and the Security of Pastoral Systems; the Regional Rice Self-sufficiency Initiative and its road map 2025-2035; and domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan 2026-2035.

The Authority also welcomed the strengthening of cooperation with technical and financial partners and urged member states to work together with community institutions towards the achievement of these initiatives for food security and nutrition in the region.

• The ECOWAS currency is intended to:

Improve Trade

A single currency could lower trade costs and improve intraregional trade, which is currently hindered by the use of different national currencies that are not convertible within ECOWAS.

Boost Economic Prosperity

A single currency could boost the economic well-being and prosperity of ECOWAS countries.

Some say that the transition to a single currency will involve a short period where both the national currencies and the common currency circulate side by side. Others suggest that the first phase of implementation should involve two distinct ECO zones, where countries peg their national currency to the ECO.

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President Bola Tinubu asserts that his administration’s reforms are a crucial step toward fostering lasting national wealth and prosperity for all Nigerians.

Mohammed Idris, the minister of information and national orientation, conveyed the president’s remarks on Sunday at the 2024 Nigerian Media Merit Awards, which took place at the Muson Centre in Lagos.

Tinubu explained that while opinions may vary on the specifics of the proposed tax reforms, there is a national consensus on the necessity of a complete overhaul of the current tax system.

“I will say with every sense of conviction that our policies are deliberate and well thought-out,” he stated.

“We are headed toward the restoration of Nigeria, on a path requiring a comprehensive approach that addresses economic diversification, human capital development, infrastructure development, wealth creation, and inclusive growth.

“Among our various landmark reforms is the one focused on tax, by far one of the most profound steps necessary for setting Nigeria onto the path of enduring national wealth and prosperity for all our people.”

“There is a consensus that the tax administration system in Nigeria requires reform. We may not all agree on every detail of the required reform, but there will be many areas of convergence.”

Tinubu mentioned that the tax bills currently before the national assembly aim to reduce the number of taxes and alleviate the burden on vulnerable Nigerians.

He emphasized that the reforms would also increase the proportion of taxes allocated to the states and encourage business growth through targeted incentives.

“Just days ago, the federation accounts allocation committee recorded the highest-ever revenue distribution figure in the history of our country,” he added.

“These are the much-needed resources being freed up for investment in critical areas of the economy.

“At the federal level, these revenues are already financing impactful initiatives like the consumer credit scheme, students loan fund, presidential grants & loans scheme, the MSME clinics, 3 million technical talent programme (3MTT), presidential CNG initiative, massive road infrastructure projects, among many others.

“In the spirit of our federation, the various state and local governments also have their policies and programmes, meant to complement ours.”

The air component of Operation Hadin Kai (OPHK) has reportedly killed numerous ISWAP fighters in the Malam Fatori area of Borno state.

According to Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, the missiles were launched on December 15.

The publication quoted intelligence sources as saying that the attack was carried out following reports that the insurgents were gathering around Malam Fatori.

The sources said “reconnaissance missions identified a number of vehicles and motorcycles purportedly being utilized for militants’ movements and logistics support by the terrorists.”

Makama added that military aircraft were deployed with advanced surveillance.

“As the aircraft swooped down with surgical precision, some vehicles and motorcycles were obliterated, resulting in a substantial loss of equipment for the terrorists,” the report reads.

“Impeccable sources’ accounts from the area describe a series of explosions that reverberated through the town, accompanied by thick clouds of smoke rising from the impact sites.”

“The sources confirmed that the operation resulted in the deaths of numerous ISWAP militants, with estimates suggesting that the casualty count may be in the dozens.”

“The air strikes in Malam Fatori were not just a standalone effort; they were part of a broader strategy in Operation Hadin Kai aimed at restoring security in northeastern Nigeria.”

“Ground forces, backed by the aerial campaign, have been actively engaging ISWAP elements, and air superiority has proven vital in these operations.”