Nigeria leads charge as West African nations embrace economic sovereignty
By Ukpono Ukpong
Nigeria has reaffirmed its leadership role in championing regional integration and economic sovereignty as the maiden West Africa Economic Summit (WAES) kicked off in Abuja with a bold call for collective action.
The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, declared the summit a defining moment for West Africa’s economic future.
“It is my honour and immense pleasure to warmly welcome you all, on behalf of the Federal Government of Nigeria and His Excellency, President Bola Tinubu, to the inaugural edition of the West Africa Economic Summit (WAES), here in the vibrant capital city of Abuja,” she said in her opening remarks.
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The Minister stressed the region’s shared history of mobility, trade, and interdependence, noting that this interconnectedness has shaped a strong foundation for deeper economic cooperation.
“As West Africans, we share a deep-rooted demographic and economic history shaped by regional mobility and trade,” she stated. “This legacy has forged a shared identity, one that drives collective progress and is strengthened through unified diplomacy.”
She described the summit as more than a ceremonial event, emphasizing its role as a strategic platform for driving regional development.
“WAES is more than a summit. It is a platform of purpose where policy meets enterprise, where leadership engages innovation, and where West Africa speaks with one voice on the promise of regional integration,” Odumegwu-Ojukwu said.
Highlighting achievements in banking, digital services, agriculture, and the extractive sector, she insisted that the region had already proven its capacity to build industries.
“We are not here to debate how to build industries; we have shown that we can lead and scale sectors to meet regional demands and enrich global markets.
“The task before us now is to safeguard our regional bloc and drive the expansion of our industries through farsighted integration policies and reforms that reinforce our economic sovereignty.”
Odumegwu-Ojukwu described Nigeria’s leadership in the WAES initiative as a reflection of its commitment to inclusive, region-wide development.
“This initiative reflects Nigeria’s steadfast commitment to inclusive, region-wide collaboration, bringing together all West African countries, irrespective of institutional alignments, to confront shared challenges and seize the opportunities that await us,” she said.
She urged participants not to let the summit become just another high-level talkshop but to seize it as a pivotal moment for West Africa’s future.
“Let this Summit not be just another meeting, but a turning point, a moment of collective resolve to translate potential into prosperity,” she stated.
Welcoming delegates once more to the Nigerian capital, she concluded: “I encourage us all to engage fully, think boldly, and leave here with concrete outcomes that will advance trade and investment across West Africa. Thank you, and may God bless the Federal Republic of Nigeria, and the entire West African region.”
On her part, Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said the Inter-African trade was not just an economic ambition of the summit, but pathway toward advancing competitive and connected markets across West Africa.
Oduwole who delivered the keynote address during the summit, said that the gathering proved readiness by the region to invest, shape its agenda and work collectively with purpose and clarity.
“The time for truly integrated West African marketplace is now. With a population of more than 400 million people and a shared history of enterprise and resilience, West Africa holds enormous untapped potentials and yet, we must acknowledge a fundamental truth.
“Our businesses cannot scale if our markets remain fragmented. While acknowledging the modest gains of the ECOWAS Trade Liberalisation Scheme (ETLS) and ECOWAS Common External Tariff, much is still desired to enhance regional trade among our countries.
“The vision of one market is not simply an ideal, it is a necessity. It means breaking down the tariff and non-tariff barriers that continue to choke the movement of goods, services and people,” Oduwole said.
She mentioned that Inter-African trade accounted for not less than 20 per cent of Africa’s total trade, compared to 58 per cent in Asia and 67 per cent in Europe.
Oduwole also said that trade among West Africa countries remained under 10 per cent, amidst shared borders, language clusters, decades of integration efforts and initiatives such as the ETLS and the ECOWAS Court.
“Achieving one market requires harmonising product standards to unlock cross-border supply chains, aligning customs procedures to reduce delays and corruption and investing in digital platforms for predictable and paperless trade processes.
“Today, West African businesses, especially MSMEs, still face high costs at the border, inconsistent duties and bureaucracy, especially on goods that do not qualify under the ETLS.
“Nigeria has been fully committed to ETLS and the ECOWAS common external tariff, by working with member states and neighbours to accelerate implementation of preferential tariff regimes on the African continental free trade area,” she said.
