Minister of state for foreign affairs, Bianca Odumegwu- Ojukwu, has said the ongoing West African Economic Summit (WAES) in Abuja reflects Nigeria’s steadfast commitment to inclusive, region-wide collaboration for collective development.
The minister stated this in her remarks at the opening ceremony of the summit in Abuja yesterday, stressing that it was initiated by President Bola Tinubu to bring together all West African countries, irrespective of institutional alignments, to confront shared challenges and seize the opportunities within the region, adding that it was a platform where policy meets enterprise.
She said: “This gathering is a landmark moment, a bold affirmation of our region’s collective will to deepen economic cooperation, unlock our immense trade and investment potential, and craft a future of shared prosperity for the peoples of West Africa.
“WAES is more than a summit, it is a platform of purpose where policy meets enterprise, where leadership engages innovation, and where West Africa speaks with one voice on the promise of regional integration.
“Our nations have long engaged not merely as neighbours, but as sisters, brothers, and comrades, bound by a unique thread that extends across a vast diaspora, uniquely positioning us as leaders on the global stage.”
While noting that the sub-region had proven its ability, the minister said the task now was to safeguard regional bloc and drive the expansion of industries through farsighted integration policies and reforms that reinforce economic sovereignty.
Also speaking during the event minister of trade and investment, Dr. Olajumoke Oduwole, said Nigeria was fully committed to the Economic Community of West African States (ECOWAS) trade liberalisation scheme and common tariff.
This is as the minister also decried the low level trade amongst members of the ECOWAS bloc.
Adewole said Nigeria was committed to working with member states and neighbors to accelerate the implementation of preferential tariff regimes on the African-Continental Free Trade Area.
The minister also explained that the vision means breaking down the tariff and non-tariff barriers that have continued to hinder the movement of goods, services within the region.
She said: “Our businesses cannot scale if our markets remain fragmented. While acknowledging the modest gains of the ECOWAS trade liberalisation scheme and the ECOWAS Common External Tariff, much is still desired to enhance regional trade among our countries.
“The vision of one market is not simply an ideal, it is a necessity. It means breaking down the tariff and non-tariff barriers that continue to choke the movement of goods, services, and people.”
She lamented that Inter-African trade accounts for under 20% of Africa’s total trade, compared to 58% in Asia and 67% in Europe.
“In West Africa specifically, trade among countries remains under 10% despite shared borders, language clusters, decades of integration efforts, and initiatives,” she added.
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