The Economic Community of West African States (ECOWAS) has said with the right tools, West Africa can add $45.7 billion to global exports by 2027.
One such tool is the West African Competitiveness Observatory, an online tool aimed to help track trade competitiveness among West African countries and find new international business opportunities.
The ECOWAS in collaboration with the International Trade Centre (ITC) launched the online platform recently in Abuja. This is to spur economic growth across West Africa, where more than $3.2 billion in export potential is untapped.
With the Observatory, according to the ITC’s export potential estimates, West Africa can add $45.7 billion in exports to the world by 2027.
According to Massandje Toure-Liste, commissioner of Economic Affairs and Agriculture, ECOWAS Commission, the Observatory serves as a monitoring tool for assessing the trade competitiveness of West African countries.
“The Observatory will provide important information for policymakers and businesses to take advantage of international markets. Supporting SMEs to effectively access the market and generate employment, and contribute to economic growth,” Toure-Liste said.
The unveiling of the Observatory comes at a time when West Africa navigates the challenges posed by globalization, technological advancement and an evolving trade industry.
Pamela Coke-Hamilton, executive director of the ITC, while emphasizing the power of the tool, said policymakers and businesses can now use the Observatory to get insights into the untapped trade opportunities and potentials of their countries.
“We hope to see businesses, especially small businesses, make the most of this tool to find buyers and explore new markets,” she stated.