Why WAES Will Unlock West Africa’s Investment Opportunities – Tuggar

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, is upbeat that the maiden West African Economic Summit (WAES) that was held between June 20 and 21, 2025, in  Abuja will not only unlock the investment opportunities in West Africa but also promote integration and development in the region.

The summit, which was an initiative of President Bola Ahmed Tinubu was held at the international  Conference Centre, Abuja  and  attended by President Bola Tinubu;  President of Benin Republic Patrice Talon, President of Sierra Leone, Julius Maada Bio; President of the Liberia, Joseph Boakai, among other top dignitaries.

Tuggar added that the summit is aimed at strengthening economic ties, stressing that it will make positive impacts on diverse areas in the region. He said further that the Summit is all encompassing such that even the Alliance of Sahel States, AES, was invited because it was crucial to all.

He said, “We’re not just talking about ECOWAS and ECOWAS states, but indeed to all states, businesses, private sector, development finance institutions that pertain to the West African region.

“What we’re talking about is regional integration. What we’re doing with each other. How do we strengthen that so that we’re trading more.

“The event aims to unlock investment opportunities by identifying and supporting investment-ready projects. Furthermore, the summit seeks to foster sustainable development by encouraging inclusive economic growth and development.”

“The event featured a range of activities, including a deal room, business conferences, and cultural events showcasing the region’s rich heritage.

“Overall, the West Africa Economic Summit promises to be a landmark event, driving regional integration, promoting economic cooperation, and fostering sustainable development in West Africa.

“With its unique approach and focus on private sector participation, the summit has the potential to unlock new opportunities for growth and development in the region.

“The summit will provide a platform for governments and the private sector to engage and address concerns related to security and other issues affecting business in the region,” he said.

He also added that “The summit’s objectives align with the African Continental Free Trade Area (AfCFTA) ambitions, focusing on promoting intra-African trade by strengthening regional trade and investment.”

He stressed that it is the private sector that is driving the initiative while the government will provide all the necessary support for them to excel.

The minister also highlighted the importance of peace and security in the region saying, “For business to take place, to thrive, the environment must be secure, emphasising the importance of collective efforts to address security challenges.”

He pointed out that “The summit is not modelled after the World Economic Forum in Davos, but rather a novel, homegrown African original idea.

“We’re focusing this administration on preferring homegrown solutions to our problem, instead of copying and pasting what exists in other regions,” he added.