ECOWAS Names Dangote to Head Business Council for Economic Growth

Daftar Isi

Strengthening Economic Resilience and Regional Cooperation in West Africa

The Economic Community of West African States (ECOWAS) has taken a significant step towards enhancing financial stability and economic resilience across the region. This initiative involves collaboration with prominent business leaders, including Aliko Dangote, one of Africa’s most successful entrepreneurs. The partnership aims to leverage private sector investment and foster regional economic integration.

At the 95th Ordinary session of the ECOWAS Council of Ministers in Abuja, President of the ECOWAS Commission, Omar Touray, announced the formation of the ECOWAS Business Council. This new platform is designed to bring together private sector actors, governments, and ECOWAS institutions to discuss key issues related to economic integration and development.

Touray emphasized that Aliko Dangote has been chosen as the pioneer Chairperson of the ECOWAS Business Council due to his extensive experience in business within the subregion and across Africa. He believes that through this council, the private sector can play a pivotal role in driving regional development. The council will serve as a forum for dialogue and partnership, enabling the exchange of ideas and strategies to strengthen the region's economy.

A major focus of the ECOWAS agenda is reducing reliance on foreign investment by promoting intra-regional capital flow. Touray highlighted the importance of mobilizing local capital to build a self-sufficient community rather than depending on external investments, which are often unstable. He expressed confidence that private sector actors, supported by the right incentives and opportunities, can lead the way in developing the region.

Financial stability remains a central concern for the regional bloc. Touray pointed out the challenges facing the West African Power Pool, a flagship regional electricity market platform that is currently struggling due to debts owed by national electricity companies. He called on member states to support efforts to recover these debts as part of broader measures to strengthen the regional economy.

In addition to private sector mobilization, Touray's speech addressed ECOWAS’s wider agenda, which includes regional resilience, monetary integration, and the activation of a regional force to counter terrorism. Updates on the annual work programme, budget, and audits of ECOWAS institutions were also presented for consideration.

Sierra Leone’s Foreign Affairs Minister and Chairperson of the ECOWAS Council of Ministers, Timothy Kabba, urged West African nations to strengthen cooperation in addressing regional security, economic, and democratic challenges. He emphasized the importance of regional cooperation and the need to foster an environment conducive to the growth of the private sector, which is a key driver of economic integration.

Kabba also highlighted the importance of deepening intra-regional trade, improving transport and energy connectivity, and fully utilizing the African Continental Free Trade Agreement to advance regional development. He stressed that no single nation can confront security challenges independently and called for enhanced cooperation and mutual understanding among member states.

Recent events in the region, including coups and attempted coups in several ECOWAS member states, have raised concerns about the erosion of constitutional norms and democratic governance. Kabba condemned these actions and emphasized the need for a zero-tolerance policy towards military coups or any breaches of constitutional governance.

Ambassador Bianca Odumegwu-Ojukwu, Minister of State for Foreign Affairs, warned against the challenges facing the region, including political instability and lack of inclusivity. She stressed the importance of defending constitutional order and promoting inclusive political dialogue to ensure stability and progress.

The minister also emphasized the critical role of the council in shaping policy and highlighted the need for deeper intra-regional trade and opportunities for the youth. With over 400 million people in the region, especially the young population, the future of West Africa depends on creating sustainable economic opportunities.

As ECOWAS continues to navigate these complex challenges, the collective resolve of its member states will be crucial in ensuring a stable, prosperous, and integrated region. The upcoming deliberations at the Council of Ministers will play a vital role in shaping the recommendations to be submitted to the Authority of Heads of State and Government.