Odimmegwa Johnpeter/Abuja
With the commencement of the West Africa Economic Summit (WAES) in Abuja, Nigeria has reaffirmed its commitment to inclusive growth and regional integration, emphasizing the need for stronger collaboration among West African nations to unlock the region’s vast economic potential.
The Honourable Minister of State for Foreign Affairs, Her Excellency Ambassador Bianca Odumegwu-Ojukwu stated this during the event. Her words: “This gathering is a landmark moment, a bold affirmation of our region’s collective will to deepen economic cooperation, unlock our immense trade and investment potential, and craft a future of shared prosperity for the peoples of West Africa.”
According to Bianca Odumegwu-Ojukwu the summit was the initiative of President Bola Tinubu to foster dialogue, build private sector partnerships, and drive regional cooperation in a bid to reposition West Africa as a globally competitive and unified economic bloc.
She further stated that West Africans share a deep-rooted demographic and economic history shaped by regional mobility and trade.
“Our common commodities and interconnected markets have long fostered an environment of free trade and cultural exchange.
“This legacy has forged a shared identity, one that drives collective progress and is strengthened through unified diplomacy”, she explained.
She also stressed that the gathering is Nigeria’s bold affirmation of the need for our region’s collective-will to deepen economic cooperation, unlock our immense trade and investment potential and craft future of shared prosperity for peoples of West Africa.
She said: “West Africa’s industries have proven to be strong through significant achievements in banking, digital services, agriculture and extractive”, adding that more will be done to bolster economic integration in the region.
Bianca Ojukwu further stated “The task before us now is to safeguard our regional bloc and drive the expansion of our industries through far-sighted integration policies and reforms that reinforce our economic sovereignty.
“This initiative reflects Nigeria’s steadfast commitment to inclusive region-wide collaboration, bringing together all West African countries irrespective of institutional alignments, to confront shared challenges and seize the opportunities that await us.
“Let this summit not be just another meeting, but a turning point, a moment of collective resolve to translate potentials into prosperity,” she concluded.
The Minister of Trade and Investment H.E Dr. Jumoke Oduwole, on her part while delivering her keynote address, noted that with a population exceeding 400 million and a legacy of resilience and enterprise, West Africa possesses immense untapped opportunities. However, she noted that the region’s economic progress remains hampered by fragmentation and lack of cohesion.
“Our businesses can not truly scale if our markets remain divided,” the minister stated, calling for practical steps toward creating a unified regional market driven by infrastructure, innovation, and industrial development.
While acknowledging the efforts of ECOWAS, particularly the Trade Liberalisation Scheme and the push for common external tariffs, the Minister highlighted that more must be done to deepen economic ties and facilitate seamless trade across borders.
She urged member states to focus on infrastructure investment, value-chain development, and policy harmonisation to build a robust regional industrial system that can compete on a global scale.
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