The Minister of Foreign Affairs, Yusuf Tuggar, has stressed the need for stronger collaboration between West African governments and the private sector to boost regional competitiveness.
Mr Tuggar made the call on Wednesday during a high-level private sector roundtable in Lagos, ahead of the upcoming West Africa Economic Summit (WAES).
|
|
The News Agency of Nigeria (NAN) reports that the roundabout is with the theme ‘United Voice: The Power of Private Sector Participation in the West African Economic Summit.’
The gathering, which brought together industry leaders and CEOs from across the region, was described as a “definitive shift” in policy engagement, not just a preparatory event.
|
|
|
|---|
“The private sector is not peripheral, but central to economic governance,” Mr Tuggar said, stressing its vital role in shaping West Africa’s future prosperity.
His comments reflect broader continental goals, particularly those of the African Continental Free Trade Area (AfCFTA), which seeks to unite Africa’s markets and enhance global competitiveness.
Mr 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.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“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.
Mr Tuggar outlined key regional projects with strong potential for private sector involvement.
These include the ECOWAS Trade Liberalisation Scheme (ETLS), 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 (WAPP), aimed at delivering reliable and affordable electricity across the region.
He stressed that these projects need substantial private investment and technical know-how to be successful.
Mr Tuggar also spoke of a new ‘Atlantic era,’ urging West Africa to help shape global trade systems that previously excluded the region.
“We are entering an Atlantic era where West Africa won’t just supply resources but take an active role in global prosperity,” he said.
The WAES, taking place from 20 t0 21 June in Abuja, is fully supported by President Bola Tinubu and fellow West African leaders.
It aims to shift the region from raw exports to production, fostering value chains and building bigger, more attractive markets.
READ ALSO: Court dismisses N990 trillion suit of man who claims to be Nigeria’s Prime Minister
“Governments do not build economies alone. It’s your investments, innovation, and networks that drive growth,” Mr Tuggar told the business leaders.
He encouraged them to propose solutions to trade obstacles, regulatory issues, funding gaps, and policy reforms to boost private sector involvement.
“WAES is not another talk shop. It’s about results — making West African business faster, cheaper, and more predictable,” he assured participants.
Mr Tuggar called for sustained collaboration beyond the summit, promising that private sector input will shape both structure and outcomes.
“Unstructured potential is wasted. WAES allows us to organise our efforts for long-term impact,” he said.
The summit will host heads of state, ministers, investors, and regional institutions.
Its goal is to jointly craft a roadmap for sustainable economic integration and unlock ECOWAS’s full potential.
(NAN)
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
![Governor of Taraba State, Agbu Kefas [PHOTO CREDIT: Agbu Kefas on Facebook]](https://i0.wp.com/media.premiumtimesng.com/wp-content/files/2024/09/460051791_1010402451096085_151267041139685345_n.jpg?fit=1440%2C960&ssl=1)
