Public and private sector leaders from across West Africa have renewed calls for inclusive trade practices, local production, and grassroots-oriented policy reforms to harness the full potential of the African Continental Free Trade Area (AfCFTA).
This came to the fore at the West Africa Business Summit (WAES) 2025, themed “Overcoming Barriers to Harnessing AfCFTA for Stronger Intra-Regional Trade in West Africa.” The summit convened top-tier government officials, private sector executives, and development experts who all agreed that achieving meaningful intra-African trade growth requires more than just eliminating tariffs—it demands fair trade and regional industrial coordination.
Former ECOWAS Chairman and President of Nigeria, Bola Ahmed Tinubu, delivered a keynote statement, describing the summit as “a bold step toward a prosperous, integrated West Africa powered by trade, innovation, and our most valuable asset: our people.” He extended an invitation to global partners to support Africa’s journey toward regional integration through fair economic policies and shared infrastructure.
A major highlight of the summit was a high-level panel moderated by Mrs. Yvonne Ike, Bank of America’s Head of Sub-Saharan Africa. Key speakers included Nigeria’s Minister of Trade and Investment Dr. Jumoke Oduwole, Benin’s Minister of Industry and Commerce Shadiya Alimatou Assouman, Abubakar Suleiman of Sterling Bank, Farouk Gumel of Tropical General Investments Group, and Jubril Enakele of IRON Capital Partners.
Farouk Gumel challenged conventional assumptions about trade in Africa. He noted that tribal networks and informal channels continue to facilitate trade far more than formalized national structures and paperwork.
“There are no real barriers. There is free trade already, just not fair trade. To make it fair, we must support producers—those who create jobs,” Gumel said.
He emphasized that for AfCFTA to work, trade policies must be fair to manufacturers and small producers, whose goods drive the majority of inter-community commerce.
Sterling Bank CEO Abubakar Suleiman cited the high cost of cross-border payments as a leading obstacle to expanding trade for Small and Medium Enterprises (SMEs). He advocated for the development of unified payment frameworks that can track and support small traders.
“The cost of payment today causes friction across the continent. We need frameworks that recognize and support small traders with incentives to grow,” he added.
Minister of Trade and Investment, Dr. Jumoke Oduwole, reaffirmed Nigeria’s commitment to AfCFTA implementation but warned that the lack of national and regional coordination threatens its success.
“The most catalytic element is coordination—within countries and across borders. We must align national and regional trade agendas,” she said.
Her Beninese counterpart, Shadiya Assouman, supported this view, stressing the importance of harmonising industrial and commercial policies within ECOWAS to fast-track AfCFTA’s rollout.
The summit concluded with a strong consensus that Africa must boost its productive capacity before it can reap the benefits of borderless trade. The final communiqué stated:
“West Africa cannot trade what it does not produce. Empowering producers—from farmers to industrial processors—is key to real job creation and economic transformation.”
Participants called for practical reforms, such as improving logistics infrastructure, encouraging regional manufacturing hubs, and building a strong SME base capable of scaling across African markets.
The WAES 2025 Summit also recommended scaling investments in value addition, cross-border digital infrastructure, and fair trade certification systems, especially for agricultural and handmade products dominating the informal economy.
As AfCFTA enters deeper implementation phases, stakeholders agree that success hinges on local empowerment, policy alignment, and trade justice—not just top-level agreements. The calls from WAES 2025 signal a shift from rhetoric to results, with West Africa poised to lead the charge if governments and the private sector can jointly dismantle systemic trade inefficiencies.