Abuja: The Economic Community of West African States (ECOWAS) has called on member states to strengthen their cooperation through the ECOWAS Common Investment Market (ECIM) and attract foreign investment. ECOWAS Commissioner for Economic Affairs and Agriculture, Mrs. Massandje Toure-Litse, made this known at a meeting of the ECIM Council Technical Committee on Monday.
According to News Agency of Nigeria, Toure-Litse, represented by Dr. Tony Elumelu, ECOWAS Director, Private Sector, explained that the meeting aimed to evaluate member states’ regional investment climate and share knowledge of their cross-border investment promotion efforts. The commissioner urged member states to focus on churning out collective recommendations to the ECIM Council and strengthening the region’s competitiveness in continental and global investment landscapes.
The commissioner emphasized that the implementation of these initiatives lies with individual member states, adding that whatever they do to institutionalise the ECIM in their domain is crucial to its success. She charged participants to jointly emphasize showcasing and reviewing each member state’s investment climate policy reform and improvement measures, as well as experience-sharing in implementing the ECIM.
Toure-Litse remarked, ‘This meeting is coming at a very propitious but challenging moment when the region is in transition from the exit of some of our member states, while trade and geopolitical tensions are increasingly reshaping the global investment landscape.’ She highlighted the need to assess the region’s track record, evaluate strengths, and address challenges that constrain collective economic development. She further stated that pooling collective strength as a region is essential to navigate the complexities and disruptive dynamics of nascent economic protectionism.
ECOWAS has taken steps to institutionalise ECIM structures, support member states’ alignment with the investment code, and promote coordination through the Investment Promotion Agencies of West African States (IPAWAS). Toure-Litse stressed that the distortion of rule-based multilateral trading systems required member states to devise a creative approach to turn the tide into opportunities by deepening regional integration and fashioning a collective response.
She noted that ECOWAS is approaching its 50th anniversary on May 28, 2025, and this milestone presents a moment to pause and look inward to reinvent commitments to harnessing and deepening economic integration for development.
Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment, said the ministry had harmonised its policies to align with the ECOWAS Investment Code and Policy, and the African Continental Free Trade Authority (AfCFTA). She reaffirmed the country’s commitment to regional integration and cooperation and underscored the importance of regional cooperation in achieving better and quality foreign direct investment into the subregion.
Oduwole, represented by the ministry’s Director, Investment Promotion, Mrs. Gertrude Orji, highlighted Nigeria’s instrumental role in establishing the ECIM framework, developing the Investment Code and Policy Drafts, and supporting AfCFTA. The minister, who formally declared the event open, urged participants to focus on policy decisions that would attract seamless investment flows, which would trigger subregional economic integration and development.