…Calls for promotion of greater regional economic cooperation
From Aidoghie Paulinus, Abuja
The Federal Government has said the current intra-regional trade percentage, which hovers around 12 to 13 per cent, is significantly low compared to other regions. Minister of Foreign Affairs, Yusuf Maitama Tuggar, stated this while declaring open the 93rd Ordinary Session of the Council of Ministers of the Economic Community of West African States (ECOWAS) in Abuja. Tuggar said ECOWAS must leverage existing instruments to promote greater regional economic cooperation and must tackle the issue of non-tariff barriers, operationalize and modernize border posts, and enhance the joint border management process.
He affirmed Nigeria’s commitment to the process, saying it was crucial for the private sector to have investments and partnerships across the West African region. Tuggar also said it was crucial for the region’s private sector to have investments and partnerships across the region.
He added that member states needed to evolve mechanisms and strategies to sensitize both the government officials and private sector groups on the economic potential of the region.
“To this end, I will personally lead a delegation of all West African Ambassadors in Abuja and relevant ECOWAS Commission officials for a sensitization programme in Lagos that will serve as an Economic Forum at the beginning of the year 2025,” Tuggar also said.
The Minister further said the event aims to showcase the economic potentials of the region and the regional instruments put in place to promote trade and investment. He stated that participants would also have the opportunity to conduct physical inspections of factories producing various community products traded under the ETLS.
“I urge other ministers to initiate similar activities that will unlock our economic potential and enhance business cooperation within our region.
Also speaking, the President of the ECOWAS Commission, Alieu Omar Touray, said that while ECOWAS would work hard on its economic integration agenda, the ECOWAS Commission will continue to pay attention to the issues of security and political stability of the community.
He disclosed that terrorism, violent extremism and organised crime continue to hinder the efforts of ECOWAS towards security.
He stated that the ill effects of drug abuse and drug trafficking in the region were also of great concern, adding that the challenges were far above the capacity of any single member state of the community to overcome.