Odimmegwa Johnpeter/Abuja
President Bola Tinubu has stressed that without greater economic integration, West African businesses can not reach their full potential if markets remain fragmented.
President Tinubu stated this at the West Africa Economic Summit on Saturday in Abuja. According to Tinubu, West African economic integration was central to regional economic growth.
His words: “We gather at a decisive moment today, not to celebrate how we got here, but to forge a new path that leaves behind fragmentation amidst opportunities and moves all towards deeper integration, collective action, and shared prosperity,”
The President highlighted West Africa’s potential as one of the last great frontiers of economic growth but noted that opportunity alone is not enough. “Opportunities, not just wishful thinking, we must earn it through vision, integration, policy coherence, collaboration, and capital alignment,” he stated.
Tinubu noted that intra-regional trade remains low at around 10%, attributing this to a failure of coordination rather than a lack of will. “The global economy will not wait for West Africa to get its act together. Nor should we, rather than competing in isolation or relying on external partners,” he said.
To address these challenges, Tinubu urged West African leaders to strengthen regional value chains, invest in infrastructure, and coordinate policies. “Our region’s greatest asset is its youthful population. However, this demographic promise can quickly become a liability if not matched by investments in education, digital infrastructure, innovation, and productive enterprise,” he noted.
The President stressed the importance of joint projects and practical implementation, citing examples such as the Lagos-Abidjan highway and the West African power pool. “We must move from declarations to concrete deals, from policy frameworks to practical implementation,” he said.
Tinubu also highlighted the need for West Africa to become more competitive and resilient, investing in local processing and regional manufacturing to unlock the region’s mineral wealth.
“The era of ‘from pit to port’ must end. We must turn our mineral wealth into domestic economic value, jobs, technology, and manufacture,” he stated.
Also speaking, the Minister of Industry, Trade and Investment, said, West Africa is poised to become a formidable economic bloc, capable of attracting capital, scaling industries, and delivering measurable outcomes across borders.
The Minister noted that Nigeria has made bold decisions under President Bola Ahmed Tinubu’s leadership, including exchange rate reforms, removing false subsidies, and aligning the economy to the African Continental Free Trade Area (AFCFTA).
“These reforms are yielding results, with Nigeria’s non-oil exports rising to $1.8 billion in Q1, a 24% increase over the same period last year.”
Oduwole cited several initiatives that demonstrate Nigeria’s commitment to regional integration and shared prosperity.
“Nigeria has reset its AFCFTA provisional schedule of tariff concessions, affirming its readiness to trade under a common African market.
“The country has also been designated as Africa’s co-champion on digital trade, with President Tinubu playing a pivotal role in the sector. Additionally, the National Talent Export Program (NATEP) has been launched, placing over 2,000 young Nigerians in international remote jobs and earning hard currency.”
“Furthermore, a new air cargo trade corridor has been opened with Eastern African countries, enabled with a market intelligence toolkit for their products, in collaboration with Uganda Air and UNDP.”
The Minister also announced a landmark public-private partnership, the National Export Trading Company, aimed at aggregating, financing, and enabling exports of Nigerian commodities efficiently and competitively.
This initiative will create a pathway for farmers and MSMEs to access formal regional and global markets.
“The West Africa Economic Summit’s deal room showcased nearly $1 billion in live transactions, with over $400 million worth of transactions advancing into investor discussions.”
Oduwole commended the Minister of Foreign Affairs and his team for delivering a world-class summit, saying, “West Africa is open for business. The world is watching and is here with us. Let this summit be a prosperous turning point for us all.”
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