West Africa is once again talking about a single currency, the ECO, aimed at boosting trade and economic unity in the region. But Nigeria, the region’s largest economy, is taking a careful approach.
The country insists that stronger economic benchmarks must be met before it fully joins the initiative. This caution is understandable. After all, a single currency works best when all participating countries have stable economies, similar inflation rates, and sound fiscal policies. Jumping in too early could bring more risk than benefit.
At the same time, Nigeria is not closing the door. The government remains engaged in regional discussions, contributing ideas and monitoring developments closely. This shows that while Nigeria is cautious, it also recognises the potential benefits of deeper West African integration.
In the end, Nigeria’s stance balances prudence with participation. By insisting on stronger convergence, the country protects its economy while keeping the possibility of joining a regional currency alive for the future.
