President Bola Tinubu has called on West African leaders to prioritize industrialization, education, and innovation to drive economic transformation in the region. Speaking at the inaugural West Africa Economic Summit (WAES) in Abuja, Tinubu emphasized the need for regional cooperation to harness the demographic strength and natural resources of West Africa ¹.
Key Points
- *Industrialization*: Tinubu urged West African leaders to move beyond exporting raw materials and focus on value-added industries, citing the need to process rare minerals locally for economic growth and job creation.
- *Education*: He stressed the importance of investing in education, digital infrastructure, and innovation to unlock the potential of the region's youthful population, warning that without such investments, the demographic promise could quickly become a liability.
- *Regional Cooperation*: The President emphasized the need for regional cooperation, citing Nigeria's investments in skills development, digital connectivity, and youth empowerment as examples of successful collaboration.
- *Intra-Regional Trade*: Tinubu expressed concern over the low level of intra-regional trade in West Africa, which remains below 10%, and called for urgent efforts to dismantle trade barriers across the subregion ² ³.
Actionable Outcomes
Tinubu charged summit participants to emerge with actionable outcomes, including ⁴:
- *Renewed Commitment*: A renewed commitment to ease of doing business
- *Enhanced Trade*: Enhanced intra-regional trade
- *Improved Infrastructure*: Improved infrastructure connectivity
- *Innovative Ideas*: Innovative ideas that move people from poverty to prosperity
By working together, West African leaders can build a region that is investable, competitive, and resilient, with a focus on driving economic prosperity and improving the lives of its citizens ¹.
