Abidjan: The Economic Community of West African States (ECOWAS) has called on entrepreneurs in West Africa to fortify subregional trade, emphasizing its collaboration with the private sector to enhance economic growth across the region. This was announced by Dr. Omar Touray, President of the ECOWAS Commission, during the inaugural edition of the ECOWAS Small Business Coalition (ESBC) Exhibition and Conference held in Abidjan, Ivory Coast.
According to News Agency of Nigeria, the three-day fair served as a platform for West African Micro, Small, and Medium Enterprises (MSMEs) to showcase their products and explore opportunities for collaborative growth. Dr. Touray, represented by Dr. Tony Elumelu, ECOWAS Director of Private Sector, highlighted the event as a significant step towards preparing the subregion to actively engage in the African Continental Free Trade Authority (AfCFTA).
Dr. Touray underscored the importance of regional integration in driving economic growth and urged entrepreneurs to leverage opp
ortunities presented by AfCFTA. He stated that the ECOWAS Commission has been working with crucial stakeholders, including regional business associations like FEBWE, FEWACCI, MAN, and FOPAO, to support businesses and promote regional economic integration.
Furthermore, Dr. Touray mentioned the development of an MSME Charter by ECOWAS, aimed at promoting the growth of MSMEs in West Africa. The Charter focuses on various intervention areas, such as enterprise education, regional collaborations, regulatory improvements, and financial assistance for MSMEs. It also emphasizes support for women in business, recognizing their vital role in economic growth within the region.
To further support businesses, ECOWAS is developing a text on regional economic zones with the assistance of the World Bank and its implementing agency, IFC. Additionally, ECOWAS has adopted a regulation on the ECOWAS Business Council with clear criteria for its composition, aiming to enhance cross-border trade and regional integration.
Dr. Ab
dulrashid Yerima, President of ESBC, reiterated the event’s significance in celebrating the achievements of MSMEs and reaffirming commitments to a united and thriving ECOWAS. He announced plans to create a comprehensive database of MSMEs across ECOWAS states, addressing challenges and fostering growth.
Dr. Souleymane Diarrassoba, Ivory Coast’s Minister of Commerce and Industry, expressed gratitude to ECOWAS for hosting the event in the country. He pledged collaboration towards the subregion’s integration and development, emphasizing the essential role of SMEs in national industrial development.
Mrs. Fanta Cisse, ECOWAS Resident Representative to Ivory Coast, remarked on the event’s success, noting the attendance of all ECOWAS’ 15 member countries, including those in the Sahel region.