West African nations are looking to a surge in investment to address critical issues like food security and infrastructure development.
The Economic Community of West African States (ECOWAS) Bank for Investment and Development (EBID) hosted a two-day forum in Lomé, Togo, bringing together leaders in government, finance, and business from across the region.
The forum, themed “Transforming ECOWAS communities in a challenging environment,” underscored the urgent need for a multi-pronged investment approach. Togo’s Prime Minister, Victoire Tomegah Dogbé, emphasised the importance of investing in human capital, energy, the digital economy, and infrastructure development, laying the groundwork for a more prosperous future.
Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), delivered a virtual address highlighting the role of regional integration in attracting and strengthening investment opportunities within West Africa.
Similar sentiments were echoed by Simon Tiemtore, President of Vista Group Holding, and Kanayo Awani, Executive Vice President of the African Export-Import Bank (Afreximbank). Both stressed the importance of collaborative efforts and innovative strategies to advance investment priorities in the region.
Food security emerged as a central theme of the forum. Discussions focused on fortifying agricultural supply chains and finding solutions to the challenges hindering sustainable agricultural development.
Panellists identified limited access to finance as a major roadblock, particularly for small businesses in the agribusiness sector and young entrepreneurs. The forum explored how development finance institutions, like EBID, could play a more active role in facilitating access to loans and boosting agricultural investment.
The International Trade Centre (ITC) and the ECOWAS Commission’s West Africa Competitiveness Programme (WACOMP) presented a solution-oriented approach. WACOMP facilitated the participation of nine investment promotion agencies from West Africa who showcased investment projects across various sectors.
Delegates and business leaders engaged in discussions on investment opportunities in critical areas like agriculture, infrastructure development, support for small businesses, energy solutions, and climate change mitigation strategies.
Concrete projects and investment opportunities were a focal point of the forum. Participants emphasised the need for investment in initiatives that foster job creation, finance vital infrastructure projects, and embrace climate-resilient energy solutions.
The importance of collaboration across sectors was again highlighted, with specific discussions held between the ECOWAS Commission, ITC, and EBID management on how to strengthen collaboration to attract a greater inflow of investment into the region.
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