The Federal Government of Nigeria has called for strategic collaboration between the private sector and West African governments. This appeal was made by the Minister of Foreign Affairs, Yusuf Tuggar, during a high-level private sector roundtable held in Lagos on Wednesday, ahead of the upcoming West Africa Economic Summit.
The event, themed “United Voice: The Power of Private Sector Participation in the West African Economic Summit,” gathered CEOs and industry leaders from across the region. Minister Tuggar emphasized that the private sector should not be viewed as peripheral but as central to economic governance and development across West Africa.
“Our region’s economic growth and integration depend heavily on private sector involvement,” Tuggar said. “Nigeria, as Africa’s largest economy, cannot rely on its national strength alone to sustain long-term growth or regional leadership.”
He further explained that, in today’s globalized and interconnected economy, West African countries must move beyond narrow national interests and embrace deeper regional cooperation to maximize their economic potential.
Highlighting West Africa’s population of over 400 million people — one of the fastest-growing and youngest in the world — Tuggar noted that this demographic advantage presents an enormous opportunity for inclusive and sustained economic development if adequately harnessed.
However, he pointed to a significant challenge: intra-African trade remains low, with West Africa’s intra-regional trade accounting for only 12–13% of total trade, compared to more than 60% in the European Union. This gap is not due to lack of potential but results from barriers such as poor coordination, weak infrastructure, and insufficient political will.
“Non-tariff barriers, customs delays, and inadequate transport infrastructure continue to restrict the free flow of goods and services,” Tuggar explained. “To unlock the full potential of our regional economy, these challenges must be addressed through concerted efforts between governments and private sector players.”
Minister Tuggar highlighted several key regional initiatives with strong potential for private sector participation:
ECOWAS Trade Liberalisation Scheme: Designed to ease the movement of goods and labor across West African borders, reducing tariffs and non-tariff barriers.
Abidjan-Lagos Corridor Highway: A major infrastructure project connecting five countries to facilitate trade and boost regional integration.
West African Power Pool: An initiative aimed at delivering reliable, affordable, and sustainable electricity across the region to support industrial growth and economic activities.
He urged private sector stakeholders to actively engage in these projects, stressing that their involvement would accelerate implementation and help attract investments.
Tuggar’s call for collaboration reflects a broader continental vision, notably aligned with the goals of the African Continental Free Trade Area (AfCFTA). The AfCFTA seeks to create a unified African market to improve competitiveness on the global stage and unlock intra-African trade.
“The future of West Africa’s economic prosperity depends on unity and collective action between governments and the private sector,” Tuggar concluded. “By working together, we can build a resilient, inclusive economy that benefits all our people.”
The Nigerian government’s advocacy for enhanced private sector collaboration within ECOWAS underscores the critical role business leaders play in shaping policy and driving regional integration. This partnership approach is expected to improve trade facilitation, infrastructure development, and overall economic governance across West Africa.
As the West Africa Economic Summit approaches, stakeholders from across the continent will be watching closely to see how these collaborative efforts materialize into concrete policies and projects. Nigeria’s leadership, coupled with active private sector participation, could set the pace for greater economic cohesion and growth in West Africa.
