The Economic Community of West African States has moved to deepen regional economic stability by partnering with leading private sector players, including Africa’s billionaire industrialist Aliko Dangote.
The plan was unveiled on Wednesday by the President of the ECOWAS Commission, Omar Touray, at the 95th Ordinary Session of the ECOWAS Council of Ministers in Abuja.
Touray announced that Dangote has been selected as the pioneer chairperson of the ECOWAS Business Council, a new platform created to drive private sector investment and support regional economic integration.
Touray said, “We are moving forward with the operationalisation of the ECOWAS Business Council. We have identified Alhaji Aliko Dangote to be the pioneer Chairperson of the Council in view of his vast experience doing business within our subregion and across Africa.”
He explained that the council will serve as a link between the private sector, member states, and ECOWAS institutions.
“Through the Council, we hope to bring the private sector actors around the table as we discuss economic integration and development of our region. The Business Council will facilitate dialogue and partnership between the private sector, governments, and ECOWAS institutions,” he added.
According to Touray, the region must reduce its dependence on foreign capital and promote investment within West Africa.
He said, “This appetite for intra-regional investment underscores the need to mobilise capital within our region to build our Community rather than wait for precarious foreign investments. I am confident that with the kind of investments we have seen from the likes of Alhaji Dangote, our regional private sector actors can lead the way in the development of our Community, if given the right incentives and opportunity.”
Touray also raised concerns about the West African Power Pool, describing it as a key electricity platform currently struggling because of debts owed by national power companies. He urged member states to help recover the funds.
He went on to outline ECOWAS’ wider priorities, including regional resilience, monetary integration, and plans for a standby force to address insecurity. The commission also presented updates on its annual work programme, budget, and institutional audits.
The Chairperson of the ECOWAS Council of Ministers and Sierra Leone’s Foreign Affairs Minister, Timothy Kabba, called for stronger cooperation to tackle rising security, economic, and democratic challenges across West Africa.
Kabba said, “This meeting reaffirms our steadfast dedication to regional cooperation, guided by our collective vision of an integrated and prosperous West Africa.”
He urged member states to boost intra-regional trade, improve transport and energy networks, and make better use of the African Continental Free Trade Agreement.
On the security front, Kabba warned that terrorism, violent extremism, organised crime, and repeated military takeovers pose serious threats to the region.
He said, “It is self-evident that no single nation can confront these challenges independently. They can only be resolved through enhanced cooperation and mutual understanding among our member states.”
He also condemned recent coups in West Africa, including the latest unrest in Guinea-Bissau and an attempted coup in Benin.
“These acts strike at the heart of constitutional order, democratic governance, and the collective values that bind us as a community,” he said.
Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, in her welcome address, cautioned that political instability and prolonged transitions were weakening development gains and eroding public trust.
She said, “These situations challenge not only the democratic values to which we have all subscribed, but also threaten hard-won development gains. They undermine citizen confidence and weaken the regional cohesion that has defined ECOWAS for half a century.”
Odumegwu-Ojukwu called for deeper intra-regional trade, stronger value chains, and more opportunities for young people, who make up a majority of West Africa’s population.
She added that ministers must approach their deliberations with purpose because their decisions will shape the recommendations that go before the Heads of State.
The discussions come at a time when West Africa is facing widening instability. Mali, Niger, Burkina Faso and Guinea-Bissau are under military leadership, while an attempted coup was recently stopped in the Benin Republic. Armed groups and criminal networks continue to worsen insecurity, leading to rising humanitarian needs and mass displacement in parts of Nigeria, Mali, Burkina Faso, and Niger.
The council continues its two-day meeting in Abuja.
