The Federal Government of Nigeria on Friday took a decisive step toward mobilising West African countries for regional economic sovereignty, affirming the region’s shared demographic and economic heritage rooted in trade and mobility.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made the declaration in Abuja at the opening of the maiden edition of the West Africa Economic Summit (WAES).
Speaking at the event, Odumegwu-Ojukwu described the summit as a bold affirmation of West Africa’s collective will to deepen economic cooperation, unlock trade and investment potential, and craft a future of shared prosperity for its people.
“This summit is a platform of purpose—where policy meets enterprise, leadership engages innovation, and where West Africa speaks with one voice on the promise of regional integration,” she said.
The minister emphasised that the initiative reflects Nigeria’s unwavering commitment to inclusive, region-wide collaboration—bringing together all West African countries, regardless of institutional alignment, to confront shared challenges and seize new opportunities.
“Our nations have long interacted not merely as neighbours, but as sisters, brothers, and comrades. We are bound by a thread of history, trade, and culture that extends across a vast diaspora—uniquely positioning us as leaders on the global stage,” she noted.
Odumegwu-Ojukwu highlighted the significant progress West African industries have already made in banking, digital services, agriculture, and extractives, stressing that the current challenge is to protect the regional bloc and scale these industries further through farsighted integration policies.
“We are not here to debate how to build industries. We have already shown we can lead and scale sectors to meet regional demands. The task before us is to safeguard our bloc and expand our industries through reforms that reinforce our economic sovereignty,” she added.
She called on delegates from across the region to engage fully, think boldly, and leave the summit with concrete outcomes that would advance regional trade and investment.
Also speaking, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the summit underscores West Africa’s readiness to chart a new path of purposeful collaboration.
“The time for a truly integrated West African marketplace is now. With a population of over 400 million and a shared history of enterprise and resilience, the region holds enormous untapped potential,” she stated.
Oduwole, however, noted a critical challenge: “Our businesses cannot scale if our markets remain fragmented.”
While acknowledging modest progress under the ECOWAS Trade Liberalisation Scheme (ETLS) and the ECOWAS Common External Tariff, she said more needed to be done to strengthen intra-regional trade.
“The vision of one market is not just an ideal—it is a necessity. It means dismantling the tariff and non-tariff barriers that hinder the free movement of goods, services, and people,” she said.
She revealed that intra-African trade currently accounts for only about 20 per cent of the continent’s total trade—compared to 58 per cent in Asia and 67 per cent in Europe. Within West Africa, trade between member countries remains under 10 per cent, despite shared borders and decades of integration efforts.
Oduwole outlined key steps for achieving a single West African market, including harmonising product standards, aligning customs procedures to reduce delays and corruption, and investing in digital platforms to ensure predictable and paperless trade processes.
She reiterated Nigeria’s commitment to the ETLS and the ECOWAS Common External Tariff, noting the country’s collaboration with neighbouring states to accelerate the implementation of preferential tariff regimes under the African Continental Free Trade Area (AfCFTA).
“Today, many West African businesses—especially MSMEs—still face high border costs, inconsistent duties, and bureaucratic hurdles, particularly on goods that do not qualify under the ETLS,” Oduwole said.
The summit continues as stakeholders deliberate on actionable steps to enhance regional trade, economic resilience, and industrial development across West Africa.
