WAES takes off in Abuja with resolve to create new pathways for collaboration and growth.

Oru Leonard 

The inaugural West Africa Economic Summit (WAES), has begun in Abuja, Nigeria (June 20-21, 2025), with a determined objective to create news pathways for collaboration and growth. The summit, themed “Unlocking Trade and Investment Opportunities in the Region,” attracted Heads of Governments, Ambassadors, ministers, private sector leaders, development partners, and youth innovators from across the region. The President of Nigeria, His Excellency Bola Ahmed Tinubu and other Heads of States will attend tomorrow’s event.

With a call for deeper economic cooperation and regional integration among West African countries, the summit aims to establish a harmonized trade policy framework, secure infrastructure funding, promote inclusive growth, and enhance economic resilience across West Africa.

The event features a “Deal Room” for Business-to-Government (B2G) and Business-to-Business (B2B) interactions, creating new pathways for collaboration and growth.

There is the West Africa Business Expo which showcases over 100 investment-ready small and medium enterprises (SMEs), and regional development projects, fostering cross-border business linkages.

Speaking the event Honourable Minister of State for Foreign Affairs, Her Excellency Ambassador Bianca Odumegwu-Ojukwu who anchors the event said, “This gathering is a landmark moment, 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.”

She disclosed that the summit was initiated by President Bola Tinubu to foster dialogue, build private sector partnerships and drive regional cooperation, in a bid to reposition West Africa as a globally competitive and unified economic bloc.

She also noted that West Africans 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”, she explained.

She emphasized that the gathering is Nigeria’s bold affirmation of the need for our region’s collective-will to deepen economic cooperation, unlock our immense trade and investment potential and craft future of shared prosperity for peoples of West Africa.

“West Africa’s industries have proven to be strong through significant achievements in banking, digital services, agriculture and extractive”,  adding that more will be done to bolster economic integration in the region.

Bianca Ojukwu further stated “The task before us now is to safeguard our regional bloc and drive the expansion of our industries through far-sighted 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 potentials into prosperity,” she concluded.

Also speaking during her keynote address, Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said that Inter-African trade was not just an economic ambition of the summit, but pathway toward advancing competitive and connected markets across West Africa.

She noted that the gathering proved readiness by the region to invest, shape its agenda and work collectively with purpose and clarity.

“The time for truly integrated West African marketplace is now. With a population of more than 400 million people and a shared history of enterprise and resilience, West Africa holds enormous untapped potentials and 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 Liberalisation 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,” Oduwole said.

She mentioned that Inter-African trade accounted for not less than 20 per cent of Africa’s total trade, compared to 58 per cent in Asia and 67 per cent in Europe.

Oduwole also said that trade among West Africa countries remained under 10 per cent, amidst shared borders, language clusters, decades of integration efforts and initiatives such as the ETLS and the ECOWAS Court.

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

Goals and Expectations of the WAES include, safeguard the regional bloc and driving industry expansion through farsighted integration policies and reforms.

The outcomes will encourage bold thinking and engagement to advance trade and investment across West Africa.