A PUSH FOR REGIONAL ECONOMIC EMPOWERMENT

Nigeria hosts maiden edition of WAES, designed to make West Africa economically relevant and competitive, writes DAVID SIDI

The economic challenges confronting the West African region is due to take the centre stage of discourse as President Bola Ahmed Tinubu, who is the Chairman of the Economic Community of West African States (ECOWAS), will host the maiden edition of the West African Economic Summit (WAES) for economic integration among member States due to take place from June 20-21, 2025.

The event, which is to be attended by ECOWAS Heads of State, Ministers, private sector leaders, development partners and entrepreneurs, among others, offers an opportunity for leaders of the region to take charge of the unwholesome trajectory where 40 percent of its 428 million people live on less than $2 dollars per day. 

The staging of the summit in Nigeria, is coming against the backdrop of the leadership position of President Tinubu as Chairman of the regional body. Convened outside the traditional ECOWAS framework, the summit designed to promote integration among West African States, as well as providing opportunity to confront incessant blockades that serve to weaken the regional body in pursuing common grounds for prosperity, including pursuing ascendable investments towards transforming economies of member countries. That the maiden summit is being staged at the behest of the Nigerian President demonstrates his devotion in providing inspiring and unswerving leadership in uplifting the living conditions of people living in the  West African region. 

Ahead of the commencement of the event this Friday, the Minister of Foreign Affairs, Amb. Yusuf Maitama Tuggar has met with members of the diplomatic corps and top leaders of the private sector in Lagos as part of the programme slated for the summit. The top business leaders, who gathered at the Metropolitan Club, Victoria Island, were engaged in discussing the need for uniting the regional bloc for economic integration. The Foreign Affairs Minister not only reiterated the government’s commitment to working hand-in-hand with the private sector, he noted to the business leaders that, “WAES is not just about policy, it’s about practical solutions. Your voice will shape the outcomes.”

Against the urgency to engage investors and businessmen to invest in West Africa, WAES, to be attended by some West African leaders, is poised to become a one-stop platform for aggregating of regional economic cooperation, sustainable development, strategic integration, and a shared vision for member countries in defending the sovereignty of the West African region. The summit whose theme is: ‘Unlocking Trade and Investment Opportunities in the Region’ also aims at developing a template for geo-political re-alignments, economic protectionism in bringing about regional unity that can deliver focused prosperity to the people.

The vision behind the maiden WAES event is to make West Africa economically relevant, strategically coordinated and globally competitive in advancing the frontiers of economic empowerment for member countries. The need for collaboration and not competition remains the key word, as leaders of the region engage in discourse devoted to bringing a new dawn among critical stakeholders of the region.

Ahead of the summit, special envoy to Nigeria’s President Tinubu on 2025 WAES, Ambassador Bianca Odumegwu-Ojukwu, Minister of State Foreign Affairs, paid a visit to President of Cote d’Ivoire, Alassane Quattara, in Abidjan to specially invite him for the summit. Welcoming the special envoy to Abidjan, Alassane commended the objective of the summit, describing it as not only timely, but possesses the potential of shaping the future of the region. The special envoy said that the 2025 WAES is poised to open a new dawn in regional economic cooperation by creating economic platforms for empowerment.

Taking into consideration that the West African economy was valued at $600 billion in 2024, and Nigeria producing about 60 percent of the regional Gross Domestic Product (GDP), it seems appropriate for President Tinubu to lead the way out of the present economic dungeon to a new dawn of abundant prosperity for the people. Recognising the role of private sector engagement, the summit is expected to facilitate full participation of entrepreneurs through the creation of business expos and roundtables for CEOs. For the economic downturn of the West African region to be turned around for citizens, mobilising entrepreneurs, investors, and innovators for economic empowerment is inevitable. With youth restiveness inflicting havoc across member countries of West Africa, this week’s event is expected to place a premium on empowerment programmes, job creation, and skills development, including generating ideas to enhance education and vocational training for job creation by the youth.

Being a premier regional event that is expected to bring together political leaders, policymakers, business stakeholders, and youths to foster economic integration, promote investment and sustainable growth across West Africa, WAES is set to serve as a catalyst for unmatched collaboration, innovation, and shared prosperity in the region.  The event is also primed to accelerate regional economic integration and self-determination. WAES is a bold statement that West Africa is learning to stray away from the trajectory of despair fraught with economic despair in a deliberate ploy at uniting member countries through enthroning strategic leadership across the political and economic levels.

WAES holds the key to a new economic dawn for West African countries. With President Tinubu as the main driver of this initiative, a new trajectory is being constructed for citizens of the regional body to brave the present stairway of economic deprivations into the frontiers of abundant prosperity for citizens of member countries.

 Sidi, a public affairs commentator can be reached via: davidsid@yahoo.com