WAES 2025: Deepen Regional Integration for Shared Prosperity

By Gloria Ikibah

The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu has made a strong call for deeper regional integration, economic cooperation, and collective action toward shared prosperity across the subregion.

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Ambassador Odumegwu-Ojukwu stated this at the official opening of the inaugural West Africa Economic Summit (WAES) on Friday in Abuja.

She emphasised the historical, cultural, and economic ties that bind the nations of West Africa together.

“As West Africans, we share a deep-rooted demographic and economic history shaped by regional mobility and trade. Our common commodities and interconnected markets have long fostered an environment of free trade and cultural exchange.

“This legacy has forged a shared identity, one that drives collective progress and is strengthened through unified diplomacy. This gathering is a landmark event. It is a bold affirmation of our region’s collective will to deepen economic cooperation, unlock our immense trade and investment potential and craft a future of shared prosperity for the peoples of West Africa.

“WAES is more than a summit. It is a platform of purpose where policy meets enterprise, where leadership engages innovation and where West Africa speaks with one voice on the promise of regional integration. Our nations have long engaged not merely as neighbours but as sisters, as brothers and comrades, bound by a unique thread that extends across a vast diaspora uniquely positioning us as leaders on the global stage”.

The two-day summit brings together government officials, business leaders, policy experts, and innovators to explore strategies for economic development, industrial expansion, and regional cooperation. With a focus on key sectors such as banking, digital services, agriculture, and natural resources, WAES aims to position West Africa as a unified economic force.

The Minister highlighted that the region’s industries have already demonstrated strong performance and scalability, and Nigeria’s commitment to inclusive, region-wide collaboration, transcending political or institutional divides.

“West Africa’s industries have already proven their strength through significant achievements in banking, digital services, agriculture and extractives. We are not here to debate how to build industries. We have shown that we can lead and scale sectors to meet regional demands and enrich global markets.

“The task before us now is to safeguard our regional block and drive the expansion of our industries through farsighted integration policies and reforms that reinforce our economic sovereignty.

“This initiative reflects Nigeria’s steadfast commitment to inclusive region-wide collaboration, bringing together all West African countries irrespective of institutional alignments to confront shared challenges and seize the opportunities that await us. Let this summit not be just another meeting but a turning point, a moment of collective resolve to translate potential into prosperity.”

The Minister encouraged participants to think boldly and work towards tangible solutions that will drive trade and investment across the subregion.

In her keynote address, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, emphasised that trade within Africa goes beyond just boosting economies—it is a key step toward building stronger, more connected markets across West Africa.

According to the Minister, the summit is a sign that West African countries are serious about shaping their own future. She noted that the gathering shows a shared willingness among nations in the region to invest in their goals, set clear priorities, and work together with focus.

She added that by strengthening trade links between African countries, the region can build stronger industries and create better chances for businesses and communities to grow.

Ahe said: “The time for truly integrated West African marketplace is now. With a population of over 400 million people and a shared history of enterprise and resilience, West Africa holds enormous untapped potential. Yet, we must acknowledge a fundamental truth.

“Our businesses cannot scale if our markets remain fragmented. While acknowledging the modest gains of the ECOWAS Trade Liberalization Scheme (ETLS) and ECOWAS Common External Tariff, much is still desired to enhance regional trade among our countries.

“The vision of one market is not simply an ideal, it is a necessity. It means breaking down the tariff and non-tariff barriers that continue to choke the movement of goods, services and people”.

Dr Oduwole noted out that trade between African countries makes up just over 20% of the continent’s total trade, which is still far behind regions like Asia and Europe, where the figures are around 58% and 67% respectively.

She also noted that trade within West Africa remains below 10 percent , despite shared borders, common languages, long-standing efforts at regional integration, and initiatives like the ECOWAS Trade Liberalisation Scheme (ETLS) and the ECOWAS Court.

“Achieving one market requires harmonising product standards to unlock cross-border supply chains, aligning customs procedures to reduce delays and corruption, and investing in digital platforms for predictable and paperless trade processes.

“Today, West African businesses, especially MSMEs, still face high costs at the border, inconsistent duties and bureaucracy, especially on goods that do not qualify under the ETLS.

“Nigeria has been fully committed to ETLS and the ECOWAS Common External Tariff, by working with member states and neighbors to accelerate implementation of preferential tariff regimes on the African continental free trade area,” she said.

The summit is expected to run from June 21 to 22 with the theme: theme: “Unlocking Trade and Investment Opportunities in the Region”

continue over the coming days with a series of high-level panels, bilateral meetings, and private sector engagements aimed at charting a new course for economic growth in West Africa.