The industries of Western Africa have demonstrated their strength in several sectors, and now it is time to safeguard the regional bloc and promote expansion through integration policies, according to the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu.
Speaking at the Maiden West Africa Economic Summit (WAES) in Abuja, Ambassador Oumegwu-Ojukwu said: “The Western Africa industries have already demonstrated their strength through significant achievements in banking, digital services, agriculture and extract.
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We are not here to discuss how to build industries; We have shown that we can lead and climb sectors to meet regional demands and enrich global markets. “
The minister emphasized that the region's approach should now be safeguarding his economic sovereignty through integration policies and reforms with a vision of the future.
“The task we have before us is to safeguard our regional bloc and promote the expansion of our industries through integration policies and future vision reforms that reinforce our economic sovereignty,” he said.
Ambassador Odumegwu-Ojukwu pointed out the unique strengths of the region, including its shared demographic and economic history, common products and interconnected markets.
“As Western Africans, we share a deeply entrenched demographic and economic history formed by regional mobility and commerce. Our interconnected common products and markets have long fostered a free trade and cultural exchange environment,” he said.
The minister asked participants to be completely involved, think of courage and abandon the summit with concrete results that will advance trade and investment in Western Africa.
“That this summit is not just another meeting, but a turning point, a moment of collective resolution of translating the potential into prosperity,” he emphasized.
The two -day summit aims to deepen economic cooperation, unlock the commercial and investment potential, and create a future of shared prosperity for the people of Western Africa.
Also speaking, the Minister of Industry, Commerce and Investment, Jumoke Oduwole, requested greater economic integration in Western Africa, emphasizing that companies in the region cannot climb if markets remain fragmented.
Oduwole explained that interfrican trade is not just an economic ambition, it is the practical path towards the creation of better stronger jobs and businesses, facilitating economic integration and the improvement of competitiveness and the most connected markets in Western Africa.
The minister said that despite shared borders, language groups and the decades of integration efforts, trade between Western Africa countries remains less than 10%.
“Achieving a market requires harmonizing products to unlock cross -border supply chains, aligning customs procedures to reduce delays and corruption, and invest in digital platforms for predictable and paperless commercial processes,” he said.
Oduwole, while talking more, cited Nigeria's commitment to the Ecowas trade liberalization scheme and the common external rate of CEDEAS, as well as its efforts to accelerate the implementation of preferential tariff regimes in the African Continental Free Trade area (AFCFTA).
“Nigeria has been preparing for this moment. We are.
The minister also pointed out the need for intelligent protection, safeguarding children's industries while promoting competitiveness and reduces the dependence of imports that can be obtained within the region. “Beyond the rates, the scale is the change of play. We must support companies not only to survive, but also to grow through the borders,” he said.
Oduwole announced that Nigeria has taken deliberate measures to address these problems, including the establishment of the Central AFCFTA Coordination Committee of multiple interested parties and the single window project to facilitate trade.
Therefore, he requested new associations, strengthened commercial architecture and collective action to move Western Africa of the potential to performance. “Let's build a western Africa that exchanges more with yourself, skills faster and thriving together,” he said.