The Federal Government has highlighted the significance of strategic collaboration between the private sector and West African governments, stressing that this would enhance regional integration.
The Minister of Foreign Affairs, Yusuf Tuggar, disclosed this at a high-level private sector roundtable in Lagos on Wednesday, ahead of the upcoming West Africa Economic Summit. The theme of the roundtable was ‘United Voice: The Power of Private Sector Participation in the West African Economic Summit’
Industry leaders and CEOs from across the region attended the event, as Tuggar stated that “the private sector is not peripheral, but central to economic governance.”
The minister’s comments reflected the broader continental goals, particularly those of the African Continental Free Trade Area, which seeks to unite Africa’s markets and enhance global competitiveness.
Tuggar warned that in spite of Nigeria’s position as Africa’s largest economy, national strength alone cannot guarantee long-term growth or regional leadership.
“In today’s interconnected world, West Africa must move beyond national interests to embrace deeper regional integration,” he stated.
The minister pointed to West Africa’s significant population of over 400 million, one of the fastest-growing and youngest regions globally. He said this demographic advantage, if properly harnessed, could power inclusive and sustained economic development.
However, he noted a major gap: intra-African trade forms only 15 per cent of total trade, with West Africa trailing at just 12–13 per cent. By contrast, intra-regional trade in the European Union often exceeds 60 per cent, while Asia is also far ahead.
“This gap reflects not a lack of potential, but issues like poor coordination, weak infrastructure, and limited political will,” he explained. He cited non-tariff barriers, customs delays, and inadequate transport as major challenges restricting the free movement of goods and services.
Tuggar outlined key regional projects with strong potential for private sector involvement. These include the ECOWAS Trade Liberalisation Scheme, which aims to ease goods and labour movement within the region.
He also noted the Abidjan-Lagos Corridor highway, connecting five countries to boost trade and regional integration. Additionally, he highlighted the West African Power Pool, aimed at delivering reliable and affordable electricity across the region.
