The Economic Community of West African States (ECOWAS) has called on member states to strengthen their cooperation through the ECOWAS Common Investment Market (ECIM) and attract foreign investment.
ECOWAS commissioner for economic affairs and agriculture, Massandje Toure-Litse, made this known at a meeting of the ECIM Council Technical Committee on Monday in Abuja.
Ms Toure-Litse, represented by Tony Elumelu, ECOWAS director, private sector, explained that the meeting aimed to evaluate member states’ regional investment climate and share knowledge of their cross-border investment promotion efforts.
The commissioner urged member states to focus on churning out collective recommendations to the ECIM Council and strengthening the region’s competitiveness in continental and global investment landscapes.
According to her, the implementation of these initiatives lie with individual member states, adding that whatever they do to institutionalise the ECIM in their domain is crucial to its success.
The commissioner charged participants to jointly lay emphasis on showcasing and reviewing each member state’s investment climate policy reform and improvement measures, as well as experience-sharing in implementing the ECIM.
“This meeting is coming at a very propitious but challenging moment when the region is in transition from the exit of some of our member states, while trade and geopolitical tensions are increasingly reshaping the global investment landscape.
“This requires that we do a stock take to assess our track record, evaluate our strengths and take urgent steps to address the challenges that constrain our collective economic development.
“It also requires that we pool our collective strength as a region to navigate the complexities and disruptive dynamics of nascent economic protectionism,” she emphasised.
Ms Toure-Litse said ECOWAS had taken steps to institutionalise ECIM structures, support member states’ alignment with the investment code, and promote coordination through the Investment Promotion Agencies of West African States (IPAWAS).
She said the distortion of the rule-based multilateral trading system required member states to devise a creative approach to turn the tide into opportunities by deepening regional integration and fashioning a collective response.
“ECOWAS as a region is also in a jubilee, as the Community turns 50 on May 28, 2025. There is no doubt that the nature, direction and sources of new investment in the times ahead will be shaped by these global events.
“This milestone calls for a celebration, even as it presents a moment to pause and look inwards to reinvent our commitments to harnessing and deepening economic integration for development,” she added.
Jumoke Oduwole, Nigeria’s minister of industry, trade and investment, said the ministry had harmonised its policies to align with the ECOWAS Investment Code and Policy, and the African Continental Free Trade Authority (AfCFTA).
She reaffirmed the country’s commitment to regional integration and cooperation, and underscored the importance of regional cooperation in achieving better and quality foreign direct investment into the subregion.
Ms Oduwole, represented by the ministry’s director, investment promotion, Gertrude Orji, highlighted Nigeria’s instrumental role in establishing the ECIM framework, developing the Investment Code and Policy Drafts, and supporting AfCFTA.
The minister, who formally declared the event open, urged participants to focus on policy decisions that would attract seamless investment flows which would trigger subregional economic integration and development.
(NAN)
