The Economic Community of West African States (ECOWAS) has finalized a framework for the establishment of a $75 million renewable energy and energy efficiency facility. This move is part of the regional bloc’s efforts to promote economic integration and development in West Africa.
At the 93rd Ordinary Session of the ECOWAS Council of Ministers, the President of the ECOWAS Commission, Dr. Alieu Omar Touray, outlined the commission’s plans to enhance regional cooperation and integration. These plans include improving storage facilities, milling initiatives, and mechanization in paddy production, which will require a significant investment of $19 billion.
Touray also highlighted the importance of the Nigeria-Morocco gas pipeline project, which aims to build a 6,800 km gas pipeline linking Nigeria to Morocco. This project will not only provide energy to ECOWAS member states but also extend to Europe.
In addition to these initiatives, ECOWAS is working to promote regional economic cooperation through the ECOWAS Trade Liberalisation Scheme (ETLS) and the ECOWAS Investment Code. The regional bloc is also committed to creating an enabling environment for the private sector to thrive, recognizing its role as the driving force behind economic integration.
Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, emphasized the need for a strong commitment to facilitating and improving trade within the sub-region. He urged member states to leverage existing instruments to promote greater regional economic cooperation and to resolve non-tariff barriers.
As ECOWAS continues to work towards regional integration and development, it is clear that the regional bloc is committed to creating a more prosperous and connected West Africa.
By: Mercy N.