By Lawan Musa D (Baba Lawan)
November 2025
In the heart of Africa’s economic struggles lies a simple but powerful question: Why should African nations continue to depend on Western currencies and financial systems that perpetuate their underdevelopment?
The proposed ECO currency—a single monetary system for West Africa—was once a bold and visionary attempt to answer that question. It represented not just an economic reform, but a declaration of independence from Western control. Today, as Nigeria and other West African nations face growing economic and political pressures from the United States, the IMF, and former colonial powers like France, the dream of ECO deserves a powerful rebirth.
The Origins of the ECO Dream
The idea of a single West African currency dates back to the 1980s, when regional leaders envisioned an integrated monetary union that would strengthen trade, enhance economic cooperation, and reduce dependence on foreign currencies like the U.S. dollar and the French CFA.
In 2000, the plan gained momentum under the West African Monetary Zone (WAMZ), involving countries like Nigeria, Ghana, Liberia, Sierra Leone, The Gambia, and Guinea. The goal was clear: to create a unified currency called the ECO, which would serve as the foundation for a stronger and more independent regional economy.
But despite years of planning, the project has repeatedly been delayed—due to political hesitation, economic instability, and, above all, Western interference.
The Problem with Western Financial Dominance
Africa’s economic system remains deeply tied to Western control. Many West African countries, especially those using the CFA franc, are still financially dependent on France. The CFA franc is pegged to the euro and guaranteed by the French treasury, meaning that African nations must deposit a significant portion of their foreign reserves in Paris.
This system allows France and other Western powers to influence African monetary policy, effectively controlling interest rates, inflation, and trade dynamics across the region. In other words, while political independence was achieved decades ago, economic independence remains elusive.
Nigeria, though not part of the CFA zone, also suffers from dependence on Western financial systems—through the dollarized nature of its economy, IMF and World Bank conditionalities, and vulnerability to global currency fluctuations.
Why ECO Matters Now More Than Ever
The current global economic order is changing. Western economies are slowing down, and emerging powers like China, India, and Russia are redefining global trade. At the same time, West Africa has one of the fastest-growing populations in the world and immense untapped potential.
A single currency like the ECO could:
1. Promote intra-African trade, reducing reliance on Western markets.
2. Stabilize regional economies against external shocks and currency manipulation.
3. Enhance African bargaining power in international trade negotiations.
4. Reduce transaction costs and foster investment across borders.
5. Serve as a step toward continental unity, aligning with the African Union’s Agenda 2063.
In short, the ECO could be the foundation of a new African economic identity—one that prioritizes local growth over foreign dictates.
The Obstacles: Political Fear and Western Pressure
The main reason the ECO project has stalled is not technical; it is political. Western powers, particularly France, fear losing influence over West Africa if the ECO replaces the CFA franc. France’s economic and strategic dominance in the region is rooted in monetary control. Without it, Africa could finally speak with one financial voice.
Moreover, some African leaders remain hesitant, fearing that abandoning Western-backed systems might trigger sanctions, currency instability, or loss of aid. But history has shown that true development never comes through submission. The nations that prosper—China, Malaysia, India—did so by taking bold steps toward self-reliance.
Nigeria’s Role: Leading or Following?
As Africa’s largest economy, Nigeria must take the lead in reviving the ECO dream. Nigeria’s economic power and population give it the potential to anchor the currency and inspire regional trust. However, this will require visionary leadership that prioritizes African unity over Western approval.
Nigeria should:
Work with ECOWAS members to finalize a clear roadmap for monetary integration.
Strengthen regional institutions like the West African Monetary Institute (WAMI).
Encourage cross-border trade and production within West Africa.
Resist IMF and World Bank policies that discourage regional financial independence.
By leading the ECO project, Nigeria could reclaim its rightful place as the engine of African economic liberation.
A New Path for Africa
The time has come for Africa to break free from economic dependency and chart its own course. The ECO currency, if implemented with sincerity and vision, could become more than just money—it could be a symbol of African pride, unity, and sovereignty.
Africa cannot continue to beg for loans from institutions that have exploited it for decades. Nor can it keep pegging its currencies to Western economies that rise while Africa falls. The solution lies in solidarity, self-determination, and shared destiny
Conclusion: The Rebirth of a Dream
The ECO currency is not just an economic idea—it is a revolutionary concept. It challenges the legacy of colonialism and calls for a new era of African independence.
If Nigeria and its neighbors summon the courage to implement it, they will take a decisive step toward ending centuries of financial domination. If they fail, they will remain trapped in the same web of debt, inflation, and dependence that has defined the post-colonial era.
The choice before African leaders is simple: continue obeying the West, or unite to build a future of our own making.
The rebirth of the ECO is not just about economics—it is about dignity, destiny, and the future of Africa itself.
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Opinion