LunagisthubUnlocking West Africa’s Economic Potential: A Call to Action
The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has emphasized the need for West African leaders to break down trade barriers and foster regional integration to unlock the subregion’s vast economic potential. Speaking at the West Africa Economic Summit (WAES) in Abuja, Okonjo-Iweala highlighted the region’s potential to become a competitive economic bloc.A $500 Billion Opportunity
With a dynamic entrepreneurial population and rich natural resources, West Africa’s economic potential is estimated at $500 billion. By prioritizing integration, building value chains, and embracing innovation and manufacturing, the region can unlock new trade and investment opportunities.
Okonjo-Iweala stressed the importance of regional integration, citing the need to reduce costs and think beyond national borders. With a population of nearly 460 million people, half of whom are under the age of 18, West Africa has a unique opportunity to drive growth and job creation.
The region’s creative industries, including music, literature, fashion, and food, are thriving and gaining global recognition. By leveraging these strengths, West Africa can unlock new economic opportunities and showcase its rich cultural heritage.
As West Africa navigates this pivotal moment, Okonjo-Iweala’s message is clear: it’s time to break down trade barriers and unlock the region’s economic potential. By working together, West African leaders can create a brighter future for their citizens and drive growth and prosperity for generations to come.
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