By John Ikani
President of Nigeria, Bola Tinubu has unveiled plans to deepen trade and investments between countries of the Economic Community of West African States (ECOWAS).
Tinubu, who was unanimously elected as Chairman of the 16-nation ECOWAS at the 63rd Ordinary Session of the Authority of Heads of States/Governments of the sub-region, spoke in Bissau, the capital of Guinea Bissau.
He said he will convene a trade and investment summit in October as part of the bid to emphasize the importance of private sector-led economic growth in the sub-region.
The summit will be held in Nigeria.
“In furtherance of my vision for our region’s economic recovery and growth, Nigeria intends to convene an ECOWAS Extra-Ordinary Summit on Trade and Investment in October 2023,” Tinubu said in a statement.
“The event will provide an opportunity for member states to showcase their potentials and encourage match-making, in order to evolve business cooperation among the various organised private sector within the region.”
Tinubu also called for improved private sector participation in the effort towards the economic development of member states as well as their social integration.
“We would work collectively to pursue an inclusive economic integration, which will be significantly private-sector driven, in order to unlock the vast economic potentials of our region,” he said.
“We would actively promote trade, investment, and business cooperation among member states by addressing the barriers impeding intra-regional trade, as well as creating a conducive business environment.”
“We must encourage economic partnerships to raise the level of trade and investments in our region, hence facilitating employment creation and sustainable development and prosperity for our citizens.”
“To this end, we must look inward and work with our regional economic facilitation platforms such as the Federation of West of West Africa Chamber of Commerce and Industry (FEWACCI) as well as ECOWAS Trade Organisation Network to attain our desired goals,” he said further.
The new ECOWAS Chairman also called for collective action from member-states, pledging that under his leadership, frameworks would be harmonised to actualise the dreams of the sub-regional body.
Key Points
• Tinubu has unveiled plans to deepen trade and investments between countries of ECOWAS.
• He will convene a trade and investment summit in October in Nigeria.
• Tinubu called for improved private sector participation in the effort towards the economic development of member states.
• He also called for collective action from member-states to harmonize frameworks and actualize the dreams of the sub-regional body.
Analysis
Tinubu’s plans to deepen trade and investments in ECOWAS are a welcome development. The sub-region has a lot of potential for economic growth, but it has been hampered by a number of factors, including poor infrastructure, lack of investment, and political instability.
Tinubu’s summit in October will be an opportunity for member states to showcase their potential and to encourage business cooperation. It is also an opportunity for Tinubu to demonstrate his leadership and to show how he plans to address the challenges facing ECOWAS.
The success of Tinubu’s plans will depend on a number of factors, including the level of support from member states, the availability of resources, and the political will to implement the reforms. However, if Tinubu is successful, it could have a significant impact on the economic development of ECOWAS.
