The President of the Economic Community of West African States (ECOWAS) Commission, Dr. Omar Alieu Touray, mentioned that despite a difficult international environment and the global economic slowdown, most ECOWAS member states have achieved impressive economic growth. During his presentation of the Annual Report on the State of the Community to the ECOWAS Parliament, Touray outlined key achievements, challenges, and opportunities for the region in 2023.
The report highlighted the macro-economic situation, performances of ECOWAS institutions, and progress on regional integration and development agenda. Notable achievements include the establishment of the ECOWAS National Biometric Identity Card (ENBIC), the introduction of ECOVISA (a single visa system), and the adoption of a set of 96 ECOWAS Standards (ECOSTANDS).
However, challenges such as geopolitical conflicts, inflationary pressures, high public debt, and tightening monetary policies persist. Opportunities include the implementation of the African Continental Free Trade Agreement (AfCFTA), increased investment in infrastructure, and development of the digital economy.
The report recommended strengthening regional cooperation, promoting private sector development, investing in human capital, and enhancing resilience to shocks. On the security situation, the report highlighted challenges posed by insecurity in Nigeria, including Boko Haram insurgency, criminal gangs in the South-East region, and secessionist movements. It acknowledged President Tinubu’s commitment to prioritizing security and replacing the country’s service chiefs.
Economically, the report noted factors affecting Nigeria’s economy, including the Naira redesign policy, low crude oil output, high inflation, and weak private sector growth. Despite challenges, the economy is expected to grow by 2.6% in 2024.
The report also expressed concern about human rights violations in Nigeria, particularly during off-cycle governorship elections in Kogi, Imo, and Bayelsa states. The government has pledged to investigate these violations and bring perpetrators to justice.
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