The Minister of Foreign Affairs, Yusuf Tuggar, has stated the need for stronger collaboration between West African governments and the private sector to boost regional competitiveness.
Tuggar made the call Wednesday during a high-level private sector roundtable in Lagos, ahead of the upcoming West Africa Economic Summit (WAES).
The roundabout is with the theme: ‘United Voice: The Power of Private Sector Participation in the West African Economic Summit.’
The gathering, which brought together industry leaders and CEOs from across the region, was described as a “definitive shift” in policy engagement, not just a preparatory event.
“The private sector is not peripheral, but central to economic governance,” Mr Tuggar said, stressing its vital role in shaping West Africa’s future prosperity.
His comments reflect broader continental goals, particularly those of the African Continental Free Trade Area (AfCFTA), which seeks to unite Africa’s markets and enhance global competitiveness.
Tuggar warned that in spite of Nigeria’s position as Africa’s largest economy, national strength alone cannot guarantee long-term growth or regional leadership.
“In today’s interconnected world, West Africa must move beyond national interests to embrace deeper regional integration,” he stated.
The minister pointed to West Africa’s significant population of over 400 million, one of the fastest-growing and youngest regions globally.
He said this demographic advantage, if properly harnessed, could power inclusive and sustained economic development.
However, he noted a major gap: intra-African trade forms only 15 per cent of total trade, with West Africa trailing at just 12–13 per cent.
By contrast, intra-regional trade in the European Union often exceeds 60 per cent, while Asia is also far ahead.
“This gap reflects not a lack of potential, but issues like poor coordination, weak infrastructure, and limited political will,” he stated.
(NAN)