The Economic Community of West African States (ECOWAS) is progressing towards the launch of its single currency initiative, the ECO.

Finance Ministers and Central Bank Governors from the 15 member states have endorsed this initiative, which aims to boost economic growth and development across the region.

Nigeria has expressed strong support for the ECO. The single currency is part of the new three-in-one Identity cards set to be rolled out by the National Identity Management Commission in August.

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A statement from the Ministry of Finance, signed by Director of Press Mohammed Manga, highlighted Nigeria’s commitment.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the ECO’s critical role in fostering regional economic growth and development.

This meeting marks a significant milestone in the journey toward the single currency’s implementation.

Participants reviewed preparations for the ECO’s introduction, laying the groundwork for a more integrated economic future for the ECOWAS member states.

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“The vision for the ECO extends beyond a mere currency,” the statement noted.

“It aims to become a cornerstone of economic integration, streamlining trade and enhancing monetary stability across the region.”

The meeting brought together key figures, including Cape Verde’s Minister of Finance Olavo Correia, Côte d’Ivoire’s Minister of Finance and Economic Affairs Adama Coulibaly, and Ghana’s Minister of Finance Mohammed Amin Adam.

These leaders, along with other representatives, are collaborating to shape the future of West African economics.

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The statement concluded that the meeting ended with a renewed sense of purpose regarding the ECO’s introduction.

Participants left with a shared belief that the single currency holds immense potential to reshape the region’s economic landscape, paving the way for a more prosperous future for all member states.

Prime Minister Rishi Sunak has announced his resignation as leader of the Conservative Party following a decisive victory by the Labour Party in the UK general election.

In a momentous political shift, the Labour Party has won the general election, ending the Conservative Party’s 14-year tenure.

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Addressing the loss, Sunak took full responsibility, stating, “I am sorry.”

Sunak indicated he will remain in his role until the Conservative Party initiates a leadership contest.

Speaking from the steps of 10 Downing Street, he said, “I would like to say, first and foremost, I am sorry. I have given this job my all. But you have sent a clear signal that the government of the United Kingdom must change. And yours is the only judgement that matters. I have heard your anger, your disappointment, and I take responsibility for this loss. I am honoured to have been your prime minister; this is the best country in the world.”

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Labour leader and incoming Prime Minister, Keir Starmer, thanked the electorate, declaring, “You have changed Britain. A weight has been lifted, a burden finally removed from the shoulders of this great nation, and now we can look forward again.”

The election outcome signifies a major transformation in British politics.

The Labour Party’s victory is viewed as a strong mandate for a new direction from voters.

Late Thursday, a credible exit poll projected Labour to win 410 seats — just eight short of its highest-ever total.

Labour secured the 326 seats needed for a parliamentary majority.

World leaders are extending their congratulations to Keir Starmer following his triumph in the UK general election, marking the end of 14 years of Conservative rule.

Starmer’s centre-left Labour Party secured a sweeping victory, unseating Rishi Sunak’s Conservatives.

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Here are some reactions to Starmer’s electoral success:

Australian Prime Minister Anthony Albanese expressed optimism about future collaborations, stating, “We have a strong relationship between our two countries. With Keir Starmer, Angela Rayner, and other familiar faces in the British Labour Party, I look forward to working closely on various issues, including AUKUS.”

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Canadian Prime Minister Justin Trudeau hailed Starmer’s win as historic in a post on X.

He wrote, “Congratulations, @Keir_Starmer, on a historic UK election victory. Lots of work ahead to build a more progressive, fair future for people on both sides of the Atlantic. Let’s get to it, my friend.”

New Zealand Prime Minister Christopher Luxon also congratulated Starmer via X, saying, “Congratulations @Keir_Starmer on your election victory. New Zealand and the UK are great friends and can do so much more together. I look forward to working on every opportunity together as prime ministers. Thank you @RishiSunak for your service to your nation and friendship to New Zealand.”

Starmer’s victory is seen as a significant shift in UK politics, promising a new direction after years of Conservative governance.

Britain’s new Prime Minister Keir Starmer has appointed Rachel Reeves as the country’s finance minister, marking the first time a woman has held the position.

This historic appointment follows the Labour Party’s decisive victory in Thursday’s general election, which ended 14 years of Conservative rule.

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Reeves, 45, who has a background in banking, expressed her gratitude on social media, stating, “It is the honour of my life to have been appointed chancellor of the exchequer. To every young girl and woman reading this, let today show that there should be no limits on your ambitions.”

Labour’s election campaign focused heavily on economic growth and wealth creation, diverging from the party’s traditional leftist policies.

“Economic growth was the Labour Party’s mission,” Reeves emphasized.

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“It is now a national mission. Let’s get to work.”

In a recent statement to business leaders, Reeves described Labour as “the natural party of British business” and promised “iron discipline” over public finances, drawing comparisons to former Prime Minister Margaret Thatcher.

However, unlike Thatcher’s privatization policies, Reeves supports a form of renationalization, particularly in the energy sector, inspired by U.S. President Joe Biden’s policies.

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Labour plans to establish Great British Energy, a publicly owned company aimed at driving the transition to green energy, in collaboration with the private sector.

James Wood, a political economy expert at the University of Cambridge, noted that Reeves and Labour are aiming for a “responsible” approach to managing public finances.

“When she talks about being an iron chancellor, I think what she means is: we’re going to balance the books and we’re going to be responsible — and we’re going to try and get Britain’s economy running… in a responsible way,” Wood explained.

Reeves has a history of overcoming challenges. Born in London to teacher parents, she became the British girls’ chess champion at 14 and later studied philosophy, politics, and economics at the University of Oxford, followed by a Master’s degree at the London School of Economics.

She worked as an economist for a decade, including a stint at the Bank of England, before entering politics.

Elected as the Labour MP for Leeds West in 2010, Reeves was appointed as Labour’s finance spokesperson by Starmer in 2021. Her sister, Ellie Reeves, is also a Labour MP.

Reeves’ appointment comes in the wake of public discontent with previous Conservative leadership, particularly following the economic turmoil caused by Liz Truss’s 2022 mini-budget. Reeves aims to distance Labour from such fiscal irresponsibility and promises a balanced, responsible approach to economic management.