The Economic Community of West African States (ECOWAS) has said it is committed to promoting levels of production, transformation and export capacities of selected strategic value-chains of the private sector in West Africa.
Speaking Wednesday in Abuja during a two-day meeting of the Strategic Steering Committee of the West Africa Competitiveness Programme (WACOMP), ECOWAS commissioner for Industry and Private Sector Promotion, Mamadou Traore, said that West Africa has a huge wealth generating capacity that can be exploited and leveraged to contribute to the competitiveness of the region as well as the continental and global wealth.
He revealed that a governance structure has been put in place at national and regional levels, to monitor and ensure effective implementation and attainment of programme objectives, even as he said that the region has seen an economic growth rate of about 3 percent per annum, with an increasing consumer class and investors.
He said: “WACOMP, with an overall budget of Euros 120 million, seeks to enhance levels of production, transformation and export capacities of the private sector in West Africa on selected strategic value-chains, to create jobs and improve the business climate and overall competitiveness of the region. Implementation is in two phases, covering eight countries per phase, and the national and regional components of the program have been detailed out in the Program Estimates, with clear roles and activities for all stakeholders and committee members.
“The first meeting of the Steering Committee, part of the governance structure, was held last October 8 to 9, 2018, to review preparations made up till then and kick start implementation activities of the WACOMP. This second meeting is critical to the success of the overall programme. This is because its conclusions on implementation so far will help us evaluate our performance and advise on necessary initiatives to improve the next level deliveries.”
Also speaking, Head of Cooperation, Delegation of the EU to Nigeria and ECOWAS, Cornelius Kurt, said that WACOMP can improve the capacity of the region’s enterprises to transform and add substantial value and quality to offers and products, so that adequate wealth can be created and retained or exported from the region.
“Though investments have essentially remained in commodities and retail, as opposed to manufacturing and services, the WACOMP can turn this up by improving the capacity of our enterprises to transform and add substantial value and quality to our offers and products, so that adequate wealth can be created and retained or exported from the region. This will transform the region into a high productivity zone with attendant benefits,” he said.
