The Economic Community of West African States (ECOWAS) has appointed Nigerian industrialist Alhaji Aliko Dangote, Chairman of Dangote Group, as the pioneer Chairman of the newly established ECOWAS Business Council (EBC).
The announcement was made by Dr. Omar Touray, the ECOWAS President, during the 95th Ordinary Session of the ECOWAS Council of Ministers meeting held on Wednesday in Abuja, Nigeria.
The EBC is designed as an independent platform to empower the private sector, boost trade within the sub-region, foster investment, and accelerate the bloc's long-sought goal of economic integration.
The appointment places one of Africa’s most prominent business figures at the helm of an initiative specifically tasked with bridging the critical gap between West African businesses and regional policymakers.
The choice of Mr. Dangote, whose business empire spans cement, sugar, and oil and gas across multiple African nations, was based on his extensive commercial experience across the continent, according to the ECOWAS President.
Dr. Touray emphasised that the establishment of the EBC aligns with the growing momentum for intra-regional investment witnessed across ECOWAS Member States.
"This appetite for intra-regional investment underscores the need to mobilise capital within our region to build our community, rather than wait for precarious foreign investments," Dr. Touray said during the announcement. "I am confident that with the kind of investments we have seen from the likes of Alhaji Dangote, our regional private sector actors can lead the way in the development of our Community, if given the right incentives and opportunity."
The establishment of the EBC follows a year marked by increased emphasis on developing local capital and regional investment.
ECOWAS President Touray cited several recent high-profile investment forums, including the Forum Senegal Invest, the West African Economic Summit in Nigeria, and the ‘Invest in District Savanes’ forum in Côte d’Ivoire, as evidence of a burgeoning desire to fund the community’s development from within.
The ECOWAS Business Council will now act as a permanent convener, facilitating dialogue and partnerships among private sector players, government agencies, and the various ECOWAS institutions.
This is expected to streamline the process for regional businesses to lobby for favourable policies and collaborate on cross-border projects.
The Council is also expected to work closely with the ECOWAS Commission to identify investment bottlenecks and propose policy reforms that directly enhance the ease of doing business across all member states.
