The Economic Community of West African States (ECOWAS) has selected Alhaji Aliko Dangote, Chairman of the Dangote Group, to serve as the inaugural Chairman of the ECOWAS Business Council (EBC).
ECOWAS President, Dr. Omar Touray, made the announcement during the 95th Ordinary Session of the ECOWAS Council of Ministers meeting in Abuja on Wednesday.
The EBC is described as an independent platform established by ECOWAS to bolster the private sector, encourage trade within the sub-region, stimulate investment, and advance economic integration . Its key goal is to bridge the communication gap between businesses and policymakers in West Africa.
Rationale for Dangote’s Appointment
Dr. Touray explained that the Nigerian billionaire was chosen due to his extensive business experience, which spans not only the ECOWAS sub-region but the entire African continent.
Focus on Intra-Regional Investment
The ECOWAS President highlighted the growing interest in promoting investment within the region, citing economic investment forums held this year in West Africa, such as:
* Forum Senegal Invest
* West African Economic Summit in Nigeria
* ‘Invest in District Savanes’ forum in Côte d’Ivoire
Touray emphasized that this strong desire for internal investment underscores the necessity to mobilize capital within the region to build the community, rather than depending on unreliable foreign investments.
He expressed confidence that regional private sector leaders, exemplified by the investments of Alhaji Dangote, can spearhead the development of the Community, provided they are given the appropriate incentives and opportunities.
Through the EBC, ECOWAS intends to facilitate discussions on economic integration and regional development by bringing private sector stakeholders together. The Council is also tasked with fostering dialogue and partnerships among private sector actors, government agencies, and ECOWAS institutions.
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