The Federal Government has announced that Nigeria will host the 2025 West Africa Economic Summit (WAES), a landmark event aimed at strengthening economic ties, unlocking investment opportunities, and promoting sustainable development across West Africa.
The Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, during a media parley on Monday in Abuja, explained that the summit is designed to foster regional integration and economic cooperation among member states.
He said, “We’re not just talking about ECOWAS and ECOWAS states, but indeed to all states, businesses, private sector, development finance institutions that pertain to the West African region.”
The Minister also disclosed that the private sector will play a crucial role in driving integration and supporting governments.
He also pointed out the importance of regional cooperation, stating that “what we’re talking about is regional integration. What we’re doing with each other. How do we strengthen that so that we’re trading more.
“The summit’s objectives align with the African Continental Free Trade Area (AfCFTA) ambitions, focusing on promoting intra-African trade by strengthening regional trade and investment.
“The event aims to unlock investment opportunities by identifying and supporting investment-ready projects. Furthermore, the summit seeks to foster sustainable development by encouraging inclusive economic growth and development.”
The Minister also highlighted the need for a secure environment for businesses to thrive. “For business to take place, to thrive, the environment must be secure, emphasising the importance of collective efforts to address security challenges.
“The summit will provide a platform for governments and the private sector to engage and address concerns related to security and other issues affecting business in the region.”
Tuggar dismissed concerns that some countries in the region are not trading with Nigeria, citing examples of ongoing trade and investment between Nigeria and its neighbours, including those that have departed from ECOWAS.
“We’re still having the Nigeria-Niger joint commission that is headed by an ambassador from this very building,” he said, highlighting the importance of regional cooperation and diplomacy.
“The summit is not modelled after the World Economic Forum in Davos, but rather a novel, homegrown African original idea.
“We’re focusing this administration on preferring homegrown solutions to our problem, instead of copying and pasting what exists in other regions.
“The event will feature a range of activities, including a deal room, business conferences, and cultural events showcasing the region’s rich heritage.
“Overall, the West Africa Economic Summit promises to be a landmark event, driving regional integration, promoting economic cooperation, and fostering sustainable development in West Africa.
“With its unique approach and focus on private sector participation, the summit has the potential to unlock new opportunities for growth and development in the region,” Tuggar said.
ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE
and then