The meeting series driven by the Federal Ministry of Finance and the central Bank of Nigeria (CBN) began on 28th February, 2024 with meeting of the Technical Committee of the West African Institute for Financial and Economic Management (WAIFEM), followed in succession by the West African Monetary Agency (WAMA) Technical Committee Meeting which held from 29th February – 2nd March, 2024 and the WAMZ Technical Committee Meeting held on 4th and 5th March, 2024 at the congress Hall of the CBN. The high points of the meeting series were the 48th Meeting of the Committee of Governors and 51st Ordinary Session of the WAMZ Convergence Council which were at the Transcorp Hilton Hotel, Abuja on 7th and 8th March, 2024, respectively.
The WAMZ meeting is a biannual event which is hosted by the Member States on the basis of the adopted principle of rotation to advance the course of regional economic integration and development. The meetings at the various levels considered the various thematic issues relating to the evolution of the ECOWAS single currency, and the overall regional integration agenda in light macroeconomic convergence and stability. Participants at the meeting included officials of the WAMZ member countries including Ghana, The Gambia, Sierra Leon, Liberia, and Nigeria. However, Guinea Conakry was not represented.
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At the 51st meeting of the WAMZ Convergence Council, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun ably represented by Mr Udo Ekanem Okokon, Permanent Secretary, Special Duties at the Ministry of Finance took over the mantle of leadership of the WAMZ from Ghana and chaired the proceedings. In his remarks, the Honourable Minister of Finance noted that “the searchlight beams on Nigeria in terms of the enormous responsibility of leadership once again placed on her at this critical stage of our regional monetary union agenda. This responsibility, indeed, is quite challenging in view of the country’s current precarious macroeconomic and social situation fueled by imbalances in a couple variables”. He therefore assured that over the next six month during Nigeria’s chairmanship of the WAMZ, efforts will be dedicated to addressing our economies’ most urgent challenges to restore growth.
Mr Wale Edun, who commended the critical roles of the West African Monetary Institute (WAMI) in propelling the ECOWAS single currency trajectory towards reality in synergy with other multilateral surveillance institutions also underscored the difficulties in the construction of a credible monetary union and called on stakeholders to remain focused and resilient and stay the course with optimism, while reaffirming Nigeria’s commitment to the goal of a monetary union. Speaking further, the Minister of Finance, stated that “the region be able to confront our worst fears with open minds focused on the bigger picture of a truly integrated, competitive and prosperous sub-region by ensuring the necessary discipline and implementing our commitments to convergence and achieving stability”
Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria who also participated in the meeting stressed the need for member countries to implement necessary reforms and proactive monetary and fiscal policies that could correct imbalances in our respective economies to make the aspiration of a credible monetary union achievable as envisaged.
Several speakers at the meeting underpinned the introduction of a single currency to convergence and macroeconomic stability. Consequently, all member states and concerned entities were enjoined to bring on board proactive and creative measures that could make that possible.