WAES 2025: Bianca Ojukwu, Oduwole, Others Chart Practical Course for Trade-Led Growth in West Africa.
By Caroline Ameh
Her Excellency Ambassador Bianca Odumegwu-Ojukwu, Honourable Minister of State for Foreign Affairs, has called for a renewed collective resolve among West African nations to transform regional trade potential into tangible prosperity.
Delivering the welcome address at the maiden West Africa Economic Summit (WAES) in Abuja, Ojukwu said that, “WAES is more than a summit. It is a platform of purpose where policy meets enterprise, where leadership engages innovation, and where West Africa speaks with one voice on the promise of regional integration.”
She emphasized the deep historical ties among West African nations, shaped by centuries of mobility and commerce, and urged participants to move beyond dialogue to bold, cooperative action.
“We are not here to debate how to build industries; we have shown we can lead and scale sectors to meet regional demands and enrich global markets. The task before us now is to safeguard our regional bloc and drive expansion through farsighted integration policies,” she stated.
The Minister reaffirmed Nigeria’s commitment to inclusive collaboration, stressing that all countries in the region, regardless of institutional affiliations must come together to confront common challenges and seize emerging opportunities.
Following the opening address, the spotlight shifted to practical trade reforms during a high level panel moderated by Yvonne Ike of Bank of America.
Minister of Trade and Investment, Dr. Jumoke Oduwole, delivered a blunt assessment of the implementation gap across West Africa’s trade systems.
“Our problem is not the lack of trade agreements it is implementation. Businesses say one thing: deliver on your promises at the border,” she said.
Dr. Oduwole cited staggering inefficiencies in regional trade logistics, including over 40 documents required to move goods and transport costs inflated by up to 60% due to avoidable bureaucratic hurdles.
“Trade can be transformational, but we are not building with scale in mind. We need to fix the plumbing borders, ports, customs, where real trade happens,” she stressed.
Other panelists called for urgent reforms grounded in local realities and driven by evidence, data, trust, and local financing
Abubakar Suleiman, CEO of Sterling Bank, said mapping grassroots traders is a prerequisite for any scalable solution:
“We don’t know who the traders are. Without this data, we cannot extend credit, reduce risks, or scale trade.”
He classified West African trade into three layers: formal, informal, and transformational—warning that the last remains most affected by macroeconomic instability.
Matthew Stephenson of the World Economic Forum highlighted ongoing AfCFTA implementation projects that have saved companies over $213 million by improving customs and reducing regulatory friction.
“The number one priority in Africa today is facilitating the AfCFTA.”
Similarly, Farouk Umar an information technologist noted that informal trade already connects West African communities:
“Trade is already happening, but when we formalize it, we make it unfair and difficult. We must build systems that reflect what already works informally.”
The two-day summit, themed “Unlocking West Africa’s Trade and Investment Potential,” is poised to become a pivotal event on the region’s economic calendar, offering actionable roadmaps for regional trade integration.
