The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has called for a bold, united action to unlock the region’s economic potential.
Speaking at the 2025 West Africa Economic Summit (WAES) held in Abuja, she stressed the urgent need for regional integration and collective economic strategy, noting that fragmented policies and delayed infrastructure are exacting a heavy toll on West Africa’s development.
Noting that West Africa can no longer afford to act in silos, she said one region, strategy and voice is needed.
The Minister, who recently chaired the ECOWAS Ministers of Trade and Industry (ECOMOTI) meeting in Abuja, praised the leadership of the current administration whose commitment to regional prosperity she said has propelled key reforms. These reforms she said include exchange rate unification, fuel subsidy removal and alignment with the African Continental Free Trade Area (AfCFTA).
On his part, President Tinubu urged West African leaders to harness the region’s youthful population and abundant natural resources for economic transformation through industrialisation, education and innovation.
Delivering the opening address at the summit, he described the region’s vibrant, youthful population as its greatest asset. He emphasised the need for regional cooperation, citing Nigeria’s investments in skills development, digital connectivity, and youth empowerment.
Calling for urgent efforts to dismantle trade barriers across the subregion, he expressed concern that with intra-regional trade still below 10 per cent, West Africa must coordinate or collapse in the race for global economic relevance.
On infrastructure and investment, he urged the region to move beyond the export of raw materials and prioritise value-added industries, saying, “We must turn our mineral wealth into domestic economic value: jobs, technology and manufacturing.”
Highlighting Nigeria’s progress, Oduwole announced that the country recorded a 24 per cent increase in non-oil exports in Q1 2025, reaching $1.8 billion. She also revealed that Nigeria has completed its first five-year AfCFTA implementation review, making it the first African nation to do so, signalling strong national coordination and a clear commitment to continental trade.
She outlined several transformative initiatives undertaken by the Ministry recently. A major highlight of the summit was the WAES Deal Room, a platform curated by the Ministry in collaboration with private and government partners.
The Deal Room attracted strong investor participation and showcased nearly $1 billion in active projects across infrastructure, clean energy and digital sectors. In 24 hours, she said over $400 million in transactions advanced into investor discussions.
Oduwole also unveiled a groundbreaking Public-Private Partnership, the National Export Trading Company developed alongside the Nigeria Commodity Exchange, Afreximbank and Africa Trade and Distribution Company. The initiative aims to support Nigeria’s over 38 million smallholder farmers by improving aggregation, warehousing and market access, ultimately reducing post-harvest losses and boosting export competitiveness.
Commending the Minister of Foreign Affairs and all stakeholders for hosting an action-oriented summit, she urged leaders and investors alike to seize the moment.
