By Fortune Abang
The Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, says the maiden West African Economic Summit (WAES), reflects Nigeria’s commitment to fostering inclusive regional growth.
Odumegwu-Ojukwu disclosed this in her welcome address at the inaugural edition of a two-day West Africa Economic Summit on Friday in Abuja, saying that the event will help to confront shared challenges in the region.
The summit with the theme: “Unlocking Trade and Investment Opportunities in the Region” holds June 20 to 21.
She revealed that the summit was initiated by 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.
Odumegwu-Ojukwu said, “As West Africans, we 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.
“This 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.
According to her, West Africa’s industries have proven to be strong through significant achievements in banking, digital services, agriculture and extractives, saying that more will be done to bolster economic integration in the region.
“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 said.
For her part, Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said that
Inter-African trade was not just an economic ambition of the summit, but pathway toward advancing competitive and connected markets across West Africa.
Oduwole who delivered the keynote address during the summit, said that the gathering proved readiness by the region to invest, shape its agenda and work collectively with purpose and clarity.
“The time for truly integrated West African marketplace is now. With a population of more than 400 million people and a shared history of enterprise and resilience, West Africa holds enormous untapped potentials and yet, we must acknowledge a fundamental truth.
“Our businesses cannot scale if our markets remain fragmented. While acknowledging the modest gains of the ECOWAS Trade Liberalisation Scheme (ETLS) and ECOWAS Common External Tariff, much is still desired to enhance regional trade among our countries.
“The vision of one market is not simply an ideal, it is a necessity. It means breaking down the tariff and non-tariff barriers that continue to choke the movement of goods, services and people,” Oduwole said.
She mentioned that Inter-African trade accounted for not less than 20 per cent of Africa’s total trade, compared to 58 per cent in Asia and 67 per cent in Europe.
Oduwole also said that trade among West Africa countries remained under 10 per cent, amidst shared borders, language clusters, decades of integration efforts and initiatives such as the ETLS and the ECOWAS Court.
“Achieving one market requires harmonising product standards to unlock cross-border supply chains, aligning customs procedures to reduce delays and corruption and investing in digital platforms for predictable and paperless trade processes.
“Today, West African businesses, especially MSMEs, still face high costs at the border, inconsistent duties and bureaucracy, especially on goods that do not qualify under the ETLS.
“Nigeria has been fully committed to ETLS and the ECOWAS common external tariff, by working with member states and neighbours to accelerate implementation of preferential tariff regimes on the African continental free trade area,” she said.(NAN)(www.nannews.ng)