The president, LCCI, Dr. Nike Akande, explained that integration is the main vehicle for boosting trade within the sub region. According to her, during a dialogue session on ECOWAS integration, with integration, west African economies would be stronger and also be able to cope with the challenges of globalisation.
She added that in these days of raging forces of globalisation, individualistic disposition and outlook may not be sustainable, calling for the need for west African countries to broaden its perspectives and thinking beyond individual countries.
“We should begin to develop not only regional, but also continental and global outlook for our businesses and economies. This is one message we should all go home with from this forum. The recent setback in the European Union marked by the exit of Britain does not distract from the immense benefits and value of economic integration”, she said.
She pointed out that with a robust market of over 350 million people, significant benefits of economies of scaled would be enjoyed y businesses in the event of full market integration.
She said for too long, private sector organisations and institutions have confined themselves to the comfort of their individual countries, while the continent’s counterparts in other parts of the world are advancing the frontiers of their economies and markets through integration.
“This is an opportunity to review the state of economic integration in our sub region, identify the challenges and proffer solutions, especially from the private sector perspective.
Also speaking at the event, the representative of the Minister of Transportation, Rotimi Amaechi, the Director, Transport Planning of the Ministry of Transport, Solomon Ishaya, said one of the determinants of economic growth is exposure to international trade, saying that Nigeria as a coastal State under international conventions and agreement is bound to not only to develop its transport infrastructure for its consumption but to also factor in the interest of the landlocked neighbouring nations.
He said the ministry is responding to the growth and sophistication of international trade through unbundling of agencies under the ministry out of their previous corporation status as to allow private sector participation and investments while government regulates, stressing that this will make for rapid development of the ports, railways and waterway subsector.
He pointed out that the ministry to sign BASA agreement with the land lock countries where sometimes businessmen fly from Lagos to France before accessing Niger.
He said the ministry embarked on several feasibility studies for new standard gauge rail lines to be developed through public private partnership, maintaining that the federal government will continually spearhead policies, programmes and projects that will facilitate seamless trade relations amongst ECOWAS States.
The Africa Regional Head, United Nations Conference on Trade and Development (UNCTAD), Dr. Joy Kategakwa, said there is need for African countries to address issues bothering about trade in order to access the European Union and global markets.
She also stressed the need to create and enabling environment, saying that there are huge opportunities for intra-African trade, which she puts at 14 per cent.
She also called on the need to attract technology from foreign counterparts, saying that Foreign Direct Investment (FDIs) will bring in the technical know-how to drive growth in the sub region.
