The Economic Community of West African States (ECOWAS) has called on regional development and investment agencies to explore with the relevant government institutions the feasibility of using Diaspora remittances to fund the development of the region’s infrastructure.
The ECOWAS Director of Private Sector, Dr. Tony Luka Elumelu, who gave this urge, noted that it has become imperative to close the existing huge deficit in that sector as well as unlock the region’s full potential.
Dr. Elumelu said this at the opening of the meeting of the technical committee of the Investment Promotion Agencies of West Africa (IPAWAS) on Wednesday in Abuja, stressing that these remittances have the potential to be deployed for the transformation of the region’s economic landscape through such targeted intervention.
“ Importantly, it could help the region close the yawning infrastructure gap, particularly in view of the huge demands on the public finances of the Member States,’ he noted.
According to the World Bank, Ghana, Nigeria and Senegal, which received about 28 billion in Diaspora remittances in 2024, are among the top ten recipients of such funds in Africa, which has become a vital source of external funding, surpassing official development assistance and foreign direct investment.
During the two- day meeting, presentations were made by an official of GIZ, the German technical agency on investment promotion facilitation in Africa: unlocking potential for sustainable development.
There were also discussions on new strategic initiatives to strengthen cooperation and investment attractiveness in West Africa and the strengthening of regional value chains.
Delegates also adopted the capacity building modules and frequency for the Member States.
The meeting was preceded by a capacity building programme organized by the ECOWAS Commission for members of the committee with resource persons from the Organisation for Economic Cooperation and Development (OECD).
