The Financial Group of West African States (ECOWAS) has mentioned with the appropriate instruments, West Africa can add $45.7 billion to international exports by 2027.
One such instrument is the West African Competitiveness Observatory, a web-based instrument aimed to assist monitor commerce competitiveness amongst West African nations and discover new worldwide enterprise alternatives.
The ECOWAS in collaboration with the Worldwide Commerce Centre (ITC) launched the web platform just lately in Abuja. That is to spur financial development throughout West Africa, the place greater than $3.2 billion in export potential is untapped.
With the Observatory, in accordance with the ITC’s export potential estimates, West Africa can add $45.7 billion in exports to the world by 2027.
In response to Massandje Toure-Liste, commissioner of Financial Affairs and Agriculture, ECOWAS Fee, the Observatory serves as a monitoring instrument for assessing the commerce competitiveness of West African nations.
“The Observatory will present vital info for policymakers and companies to reap the benefits of worldwide markets. Supporting SMEs to successfully entry the market and generate employment, and contribute to financial development,” Toure-Liste mentioned.
The revealing of the Observatory comes at a time when West Africa navigates the challenges posed by globalisation, technological development and an evolving commerce business.
Pamela Coke-Hamilton, govt director of the ITC, whereas emphasising the facility of the instrument, mentioned policymakers and companies can now use the Observatory to get insights into the untapped commerce alternatives and potentials of their nations.
“We hope to see companies, particularly small companies, take advantage of this instrument to seek out consumers and discover new markets,” she said.
