ECOWAS asks members to use common investment market to attract foreign capital

The Economic Community of West African States (ECOWAS) has called on member states to utilise the ECOWAS common investment market (ECIM) to attract foreign investments.

Massandje Toure-Litse, ECOWAS commissioner for economic affairs and agriculture, spoke on Monday at a meeting of the ECIM council technical committee in Abuja.

Toure-Litse, represented by Tony Elumelu, ECOWAS director of the private sector, said the meeting aimed to evaluate member states’ regional investment climate and share knowledge of their cross-border investment promotion efforts.

She encouraged member states to work together in developing joint recommendations for the ECIM council and enhancing the region’s ability to compete effectively on both continental and global investment landscapes.

The commissioner noted that the responsibility for implementing the initiatives rests with individual member states, stressing that their efforts to establish the ECIM within their national systems is essential to its success.

She urged participants to prioritise showcasing and evaluating each country’s investment policy reforms and progress, as well as experience-sharing in implementing the ECIM.

“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,” Toure-Litse said.

“This requires that we do a stock take to assess our track record, evaluate our strengths and take urgent steps to address the challenges that constrain our collective economic development.

“It also requires that we pool our collective strength as a region to navigate the complexities and disruptive dynamics of nascent economic protectionism.”

She said ECOWAS has made efforts to establish the institutional framework for the ECIM, assist members in aligning with the regional investment code, and enhance coordination through the Investment Promotion Agencies of West African States (IPAWAS).

The commissioner noted that the disruption of the rule-based multilateral trading system calls for members to adopt innovative strategies that transform challenges into opportunities by strengthening regional integration and formulating a unified response.

‘FOCUS ON POLICY DECISIONS TO FACILITATE SMOOTH INVESTMENT FLOWS’

Jumoke Oduwole, minister of industry, trade and investment, said the ministry has streamlined its policies to align with both the ECOWAS investment code and policy as well as the African Continental Free Trade Area (AfCFTA).

Oduwole reiterated Nigeria’s dedication to regional integration and collaboration, noting that strengthened regional cooperation is key to attracting better and quality foreign direct investment into the subregion.

The minister, represented by Gertrude Orji, the ministry’s director of investment promotion, emphasised Nigeria’s key contributions to the creation of the ECIM framework, the drafting of the investment code and policy, as well as its support for the AfCFTA initiative.

Oduwole also encouraged participants to focus on policy decisions that would facilitate smooth investment flows, thereby driving economic integration and development across the subregion.