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ECOWAS Intensifies Efforts On Regional Single Currency

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The Economies of West African States (ECOWAS) has intensified efforts on practical arrangements for the launch of the single currency, ECO for the region following consensus reached in the implementation of the directives issued at its 65th Ordinary Session.

This was revealed in a communiqué issued at the end of the 66th ordinary session of the authority of the head of state and government meeting held in Abuja on Sunday.

The ECOWAS bloc of 15 countries had previously planned to launch the currency in 2020, but the coronavirus pandemic caused delays.

The new launch date is 2027.

The Authority said it adopted the criteria proposed by the High-Level Committee for the selection of candidate Member States for the launch of ECO or those which would join at a later stage.

It instructed the Commission, in collaboration with the West African Monetary Agency (WAMA), to ensure that these criteria are incorporated into the protocol establishing the ECOWAS Monetary Union Agreement.

The Authority also endorses the proposals of the High-LevelCommittee on the costs, sources and modalities for financing the implementation of the reforms and institutions needed to launch the ECO.

It urged the central banks and member states to take the necessary measures for the payment of their financial contributions for the operationalisation of these institutions as soon as the decision on the effective date for the launch of the ECOWAS single currency is taken.

The Heads of State also urged the High-Level Committee, in collaboration with the ECOWAS Commission, to intensify its efforts to ensure that the deadlines set for the establishment and operationalisation of the institutions needed to launch the ECO are met.

The body said it welcomed the results achieved in the implementation of the ECOWAS Agricultural Policy (ECOWAP) within the framework of food security and nutrition.

Considering the critical role of agriculture in the socio-economic development of ECOWAS member states, the Authority directed the commission to ensure a swift implementation of the regional strategy for the Development of Livestock Farming and the Security of Pastoral Systems; the Regional Rice Self-sufficiency Initiative and its road map 2025-2035; and domesticate the Comprehensive African Agriculture Development Programme (CAADP) Action Plan 2026-2035.

The Authority also welcomed the strengthening of cooperation with technical and financial partners and urged member states to work together with community institutions towards the achievement of these initiatives for food security and nutrition in the region.

The ECOWAS currency is intended to:

Improve trade

A single currency could lower trade costs and improve intraregional trade, which is currently hindered by the use of different national currencies that are not convertible within ECOWAS.

· Boost economic prosperityA single currency could boost the economic well-being and prosperity of ECOWAS countries.

Some say that the transition to a single currency will involve a short period where both the national currencies and the common currency circulate side by side.

Others suggest that the first phase of implementation should involve two distinct ECO zones, where countries peg their national currency to the ECO.

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International

UN Rights Chief Calls for Independent Probes into Deadly Airstrikes in Nigeria and Chad

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The United Nations High Commissioner for Human Rights, Volker Türk, has urged Nigerian and Chadian authorities to launch prompt, thorough, independent, and impartial investigations into two recent airstrikes that killed dozens of civilians.

In a statement issued Wednesday, Türk expressed concern over reports that Nigerian airstrikes on a market killed at least 100 civilians, while separate Chadian airstrikes in the Lake Chad region left dozens of Nigerian fishermen dead or missing.

“It is crucial that both Nigerian and Chadian authorities conduct prompt, thorough, independent and impartial investigations into these disturbing incidents and ensure that those responsible for any violations are held to account, in accordance with international standards,” Türk said.

The incidents highlight the ongoing risks to civilians in the Lake Chad Basin amid intensified military operations against Islamist militants, including factions linked to Boko Haram and ISWAP.

In one case, Nigerian military jets reportedly struck a market in Jilli village, Yobe State, an area allegedly used by insurgents. Local reports and rights groups indicated heavy civilian casualties, prompting Nigeria to order its own investigation while defending the operation as targeting militant strongholds.

Separately, Chadian forces carried out retaliatory airstrikes on Boko Haram positions in the Lake Chad region. Fishermen’s leaders reported that more than 40 Nigerian fishermen were feared dead — some killed directly in the strikes and others drowning while fleeing in overloaded boats. No official casualty figures have been confirmed by authorities in either country.

The UN rights chief’s call underscores growing international pressure for accountability in counter-terrorism operations that have increasingly impacted civilian populations in the volatile region.

Both Nigeria and Chad face persistent security challenges from militant groups operating across borders, with operations often conducted in remote areas where distinguishing between combatants and civilians remains difficult.

Further details on the investigations and any accountability measures are expected in the coming weeks.

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International

Americans lament soaring inflation driven by U.S.-Israeli war with Iran

“Prices are going up everywhere you look and families everywhere are struggling to keep up,” said Janelle Jones, a visiting senior fellow at the Century Foundation.

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May 12 (Reuters) – U.S. consumer inflation increased further in April, with the annual rate posting its largest gain in three years, heightening political risks for President Donald Trump and his Republican party ahead of November’s midterm elections.

The back-to-back rises in the Consumer Price Index reported by the Labor Department on Tuesday, reflected strong gains in the costs of energy products amid the U.S.-Israeli war with Iran. ‌

Food prices surged last month and inflation also spilled over to the services sector, with higher rental costs and airfares.

Trump won re-election in 2024 in large part because of his promise to reduce inflation, but Americans have soured on his handling of the economy and many blame him for the pain at the pump.

Rising inflation outpaced wage gains for the first time in three years, and underscored the financial strain on households.

With no end in sight to the conflict, economists warned prices would continue to push higher and broaden in the months ahead.

Trump on Monday proposed reducing the 18.4-cent federal gasoline tax to lower prices at the pump.

“Prices are going up everywhere you look and families everywhere are struggling to keep up,” said Janelle Jones, a visiting senior fellow at the Century Foundation.

“Measures like suspending the gas tax will provide short-term relief, but it’s robbing Peter to pay Paul. What families really need is an ⁠end to this war and leaders that are committed to ending the affordability crisis.”

The CPI increased 0.6% last month after surging 0.9% in March, the Labor Department’s Bureau of Labor Statistics said.

Economists polled by Reuters had forecast the CPI rising 0.6%. Estimates ranged from a 0.4% gain to a 0.9% increase.

The moderation after posting the largest increase since June 2022 was mechanical. Oil prices shot above $100 a barrel in March following strikes against Iran, before pulling back to still-high levels after a ceasefire in early April.

While the conflict’s impact was immediately reflected in more expensive gasoline, diesel and jet fuel, economists said the second-round effects were around the corner, including for goods trucked by road. Shipping disruptions in the Strait of Hormuz are straining supply chains.

A 3.8% increase in energy prices accounted for more than 40% of the rise in the CPI last month.

That followed a 10.9% jump in March. Gasoline prices rose 5.4% after a record 21.2% surge in March. Other motor fuels, which include diesel, increased 17.0%.

Consumers also paid higher prices for electricity amid strong demand from data centers to power artificial intelligence.

Food prices accelerated 0.5% after being unchanged in March.

Grocery store inflation shot up 0.7%, the largest increase since August 2022.

Beef prices increased 2.7%, the most since November 2024. Coffee prices rose 2.0%.

Fruits and vegetable prices climbed 1.8% while nonalcoholic beverages cost 1.1% more. There were also strong increases in the prices of dairy and eggs.

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International

Uganda’s President Museveni sworn in for seventh term

Museveni, born 1944 in Mbarra district area of Uganda has served as president since 1986.

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Yoweri Museveni has been sworn in for his seventh term as President of Uganda on May 12, 2026, at the Kololo Independence Grounds in Kampala, following his victory in the January 2026 elections.

Museveni won with 71.65 percent of the vote, defeating his main challenger, 43-year-old Bobi Wine, who received 24.72 percent of the vote, according to the official results.

The 81-year-old leader took his oath for another five-year term, continuing his tenure as one of Africa’s longest-serving leaders.

Museveni, born 1944 in Mbarra district area of Uganda has served as president since 1986.

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