Nigeria’s Foreign Minister Urges ECOWAS to Promote Private Sector Growth and Free Market Economy

 Nigeria’s Foreign Minister Urges ECOWAS to Promote Private Sector Growth and Free Market Economy

Abuja, Nigeria – June 23, 2025

Nigeria’s Minister of Foreign Affairs, Yusuf Maitama Tuggar, has called on the Economic Community of West African States (ECOWAS) to strengthen the region’s economic integration by promoting private sector development and embracing a robust free-market economy.

Speaking at the West Africa Economic Summit (WAES), which held from June 20 to 21 in Abuja, Minister Tuggar emphasized the need to create a more enabling environment for trade, investment, and innovation across the subregion. The summit was attended by Heads of State, ministers, top government officials, traditional rulers, legislators, and members of the diplomatic corps.

Highlighting the objective of the summit, Tuggar said it aimed to reset the vision for the region’s economic future. He described it as a bold initiative that requires the ingenuity, enterprise, and creative talents of the West African people.

“We are here to build on the enabling environment that already exists,” Tuggar stated. “As an economic bloc, West Africa already benefits from the free movement of people and a framework that supports trade, food distribution, electricity, and transportation corridors. Our responsibility is to expand on these foundations and accelerate regional peace, prosperity, and inclusive growth.”

The Minister recalled the historical context of trade and cooperation in the region, noting that prior to colonial rule, West Africans related through brotherhood and mutual trust rather than formal treaties. He urged stakeholders to rekindle that spirit through modern economic collaboration.

Tuggar also pointed to the region’s trade imbalance, revealing that although West Africa exported goods worth over $166 billion in 2024, only 8.6 percent of that trade occurred within the region. Imports, he added, remain heavily dominated by goods from China, India, the United States, and the European Union, particularly machinery and manufactured products.

“This trend underscores the urgent need for internal economic reorientation,” Tuggar said. “We must support our informal sector, harness economies of scale, and remove the barriers that stifle entrepreneurs. There is already progress, but more needs to be done.”

He called for a future where West African governments, industries, and stakeholders can meet and transact meaningful business without constant dependence on global summits.

“West Africa has the talent, skill, and potential that no single country can match alone. We must become an integral part of the global transformation, leveraging advancements in technology and sustainable development,” the Minister urged.

Tuggar noted that the vision for this renewed regional economic focus was inspired by President Bola Ahmed Tinubu’s leadership, particularly his private sector background and deep understanding of economic dynamics. Tinubu assumed the role of ECOWAS Chairman in 2023 and has since prioritized economic integration and self-reliance in the region.

The West Africa Economic Summit closed with a renewed call for action and regional collaboration to drive inclusive economic growth across ECOWAS member states.