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The Economic Community of West African States (ECOWAS) has urged its member nations to enhance their collaboration via the ECOWAS Common Investment Market (ECIM) to draw in foreign investments.
ECOWAS Commissioner for Economic Affairs and Agriculture, Massandje Toure-Litse, conveyed this message during a meeting of the ECIM Council Technical Committee on Monday in Abuja. Represented by Tony Elumelu, the ECOWAS Director of Private Sector, Toure-Litse stated that the purpose of the meeting was to assess the regional investment climate of member states and exchange knowledge regarding cross-border investment promotion initiatives.
She encouraged member states to develop collective recommendations for the ECIM Council and to bolster the region’s competitiveness in both continental and global investment environments.
The commissioner pointed out that the successful implementation of these initiatives relies on individual member states, emphasizing that their efforts to institutionalize the ECIM within their territories are vital for its effectiveness.
Toure-Litse urged participants to focus on showcasing and evaluating each member state's investment climate policies and reform measures, as well as to share experiences in executing the ECIM.
"This meeting is timely yet challenging as the region transitions following the exits of some member states, while trade and geopolitical tensions are reshaping the global investment environment. It necessitates a review of our history to assess our strengths and take prompt actions to overcome the barriers to our collective economic growth," she stressed.
She added that it's crucial for the region to combine its strengths to tackle the complex and disruptive trends associated with emerging economic protectionism.
Furthermore, Toure-Litse noted that ECOWAS has initiated steps to institutionalize ECIM structures, ensure member states align with the investment code, and promote cooperation through the Investment Promotion Agencies of West African States (IPAWAS).
She mentioned that the distortion of the global rule-based trading system calls for member states to adopt innovative strategies that can convert challenges into opportunities by enhancing regional integration and creating a unified response.
“As the Community celebrates its 50th anniversary on May 28, 2025, it’s evident that the future nature, direction, and sources of investment will be influenced by these global developments. This milestone serves as a moment of celebration, while also offering a chance to reflect on our dedication to strengthening and deepening economic integration for development,” she added.
Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, remarked that the ministry has aligned its policies with the ECOWAS Investment Code and Policy, as well as the African Continental Free Trade Authority (AfCFTA).
She reiterated Nigeria's commitment to regional integration and collaboration, emphasizing the significance of regional partnerships in securing improved and quality foreign direct investment in the subregion.
Represented by Gertrude Orji, the ministry’s Director of Investment Promotion, Oduwole highlighted Nigeria's key role in establishing the ECIM framework, shaping the Investment Code and Policy Drafts, and supporting AfCFTA.
In her opening declaration for the event, she encouraged participants to concentrate on policy measures that would facilitate smooth investment flows and foster subregional economic integration and development.
