ECOWAS Champions Private Sector-Led Growth for West African Development
The Economic Community of West African States (ECOWAS) Commission is placing significant emphasis on the pivotal role of private sector participation to propel regional growth and sustainable development across the West African sub-region. This strategic focus was articulated by the President of the ECOWAS Commission, Dr. Alieu Touray, during the Ninety-fifth Ordinary Session of the ECOWAS Council of Ministers.
A key initiative highlighted by Dr. Touray is the imminent operationalization of the ECOWAS Business Council. This council aims to formally bring private sector stakeholders to the forefront of discussions concerning economic integration and the developmental trajectory of the region. In a significant move, Alhaji Aliko Dangote, a prominent business figure with extensive experience within the sub-region and across the African continent, has been identified as the pioneer Chairperson of this vital council.
The ECOWAS Business Council is envisioned as a crucial platform to foster dialogue and forge strategic partnerships. It will serve as a nexus connecting private sector actors, national governments, and ECOWAS institutions, thereby creating a more cohesive approach to regional economic advancement.
Promoting Intra-Regional Investment: A Growing Momentum
The drive to enhance intra-regional investment is already gaining considerable momentum within ECOWAS Member States. This is evidenced by the successful organization of several Economic Investment Fora. Notable examples include the Forum do Senegal Invest, the West African Economic Summit held in Nigeria, and the “Invest in District Savanes” forum in Côte d’Ivoire, all of which took place in 2025.
Further underscoring this burgeoning interest, the Republic of Sierra Leone has also put forth a proposal to host a West Africa Economic Investment Summit. This enthusiastic engagement with intra-regional investment signals a strong desire to mobilize capital from within the region itself. The objective is to build the ECOWAS community through its own resources, thereby reducing reliance on potentially precarious foreign investments.
Dr. Touray expressed confidence that with the calibre of investments demonstrated by figures like Alhaji Dangote, the region’s private sector actors are well-positioned to spearhead the development of the ECOWAS community. This leadership, he emphasized, can be fully realized if they are provided with the appropriate incentives and opportunities.
Deliberations at the Council of Ministers: Addressing Key Community Issues
The Ninety-fifth Ordinary Session of the ECOWAS Council of Ministers served as a critical forum for addressing a range of important matters concerning the Community’s financial health, integration programs, and operational effectiveness.
Dr. Touray extended a warm welcome to the attending Ministers and conveyed profound gratitude to the Government and people of the Federal Republic of Nigeria for their exceptional hospitality and for providing the necessary facilities that ensured the successful convening of the session. Appreciation was also extended to the Chair of the Council for his diligent facilitation of the Council’s work and for his unwavering support in organizing the meeting.
The President of the Commission provided a comprehensive briefing on the financial situation of the Community. The Council was slated to examine various memoranda requiring their decisive action and others for their informative consideration.
Key items on the agenda for decision-making included:
- The annual work programme and budget of ECOWAS institutions.
- The overall financial status of the Community.
- The implementation status of the Community levy protocol.
- Reports from the ECOWAS Institutions’ Auditor General and the Audit Committee.
In the realm of integration, the Council was to deliberate on memoranda pertaining to:
- Regional resilience initiatives.
- Monetary integration efforts.
- Resource mobilization strategies for the activation of a regional force to counter terrorism.
- Resolutions from the Board of the ECOWAS Bank for Investment and Development (EBID).
Memoranda presented for information were to cover:
- The status of implementation of the ECOWAS Trade Liberalisation Scheme (ETLS), including the activities of the dedicated Task Force.
- An update on the ECOWAS single currency programme.
Furthermore, the Council received a briefing on the financial health of the West African Power Pool (WAPP). WAPP, described as a flagship regional electricity market platform, is currently navigating significant challenges, primarily stemming from substantial debts owed by national electricity companies. The ECOWAS Commission is counting on the collective support of member states to assist in the recovery of these outstanding debts owed to the Power Pool.
The overarching hope articulated by Dr. Touray was that the deliberations and decisions made during this session would pave the way for a West African region that is increasingly self-sufficient, liberated from external control, and more resilient to the vulnerabilities posed by global economic shocks. The commitment to a robust private sector and a well-managed financial and integration framework underscores ECOWAS’s dedication to a prosperous and independent future for its member states.
