President Bio in warm greetings with ECOWAS Chair and Nigeria’s President Tinubu

Abubakar Hashim

The inaugural West Africa Economic Summit, WAES, organised by ECOWAS yesterday in Abuja, is significant for two strategic reasons:

1. This is the first time in ECOWAS’ 50 years, since it was formed in Lagos in 1975, when, virtually, three of its leading founding members, Nigeria, Liberia and Sierra Leone, spoke in similar tones, on strategies to develop the region that is lagging behind North, East and South African countries.

2. ⁠The three founding members, at the end of yesterday’s inaugural summit, agreed on regional integration amid current rising debts, climate vulnerability, food insecurity, and global uncertainties.

President Bio shaking hands with Liberia’s President Boakai, while President Tinubu, others, look on

The inaugural WAES summit called for the activation of Economic Trade Liberalisation Scheme, ETLS; improving the Automated System for Customs Data, ASYCUDA, a computerised customs management system that handles manifest and customs declarations and accounting procedures for statistical analysis; realisation of a common monetary union, through a common currency; scaling up investment in infrastructure, energy and digital connectivity, to ease free movement of people and goods in the region.

Above all, the tree leaders also called for empowerment of the youths, that constitute 70% of the region’s population, through skills and entrepreneurship support.

The AfDB has proposed the establishment of a Youth Bank, with low interest rates, to empower African youths in entrepreneurship and skills acquisition.

The inauguration of ECOWAS WAES summit in Abuja yesterday is the beginning to actualise real economic development that will touch the pulse of the people in a region that is lagging behind in Africa.

This is the first time ECOWAS is purring up an actionable plan, like what obtains in the EU, where citizens benefit from its protocols. The spirit, political will and determination of the ECOWAS leaders at yesterday’s summit will continue to linger on.

*Abubakar Hashim is TheNEWS’ West Africa Bureau Chief. He is currently in Liberia to cover the country’s 178 Independence Anniversary