In June 2019, the 15 member states of the Economic Community of West African States (ECOWAS) indicated they will move forward with the single currency plan across the Western African region. This idea, born more than 30 years ago, is now on the fast-track to implementation. ECOWAS member states intend to put the currency in use as early as 2020.
Nigeria has long been one of the largest economies in Africa. As of 2016, it was well ahead of Egypt and South Africa. Nigeria’s GDP in the ECOWAS regional group is significantly larger than that of all the other member States combined. With its substantial weight, the country is in a unique position to set the course of ECOWAS in particular, and Africa in general for years to come.