ECOWAS achieves remarkable economic growth despite facing obstacles — Touray

The majority of ECOWAS member states have seen remarkable economic growth, according to Dr. Omar Alieu Touray, President of the Commission for the Economic Community of West African States (ECOWAS), despite challenging international conditions and the global economic downturn. In 2023, Touray presented the ECOWAS Parliament with the Annual Report on the State of the Community, outlining the region’s major accomplishments, obstacles, and prospects.

The macroeconomic environment, ECOWAS institutions’ performances, and advancements made towards the objective for regional integration and development were all noted in the report. Among the notable accomplishments are the 96 ECOWAS Standards (ECOSTANDS), the creation of the ECOWAS National Biometric Identity Card (ENBIC), and the launch of ECOVISA, a single visa system.

Nonetheless, problems including tightening monetary policy, massive public debt, inflationary pressures, and geopolitical tensions continue to exist. The African Continental Free Trade Agreement (AfCFTA), more infrastructure spending, and the growth of the digital economy are among the opportunities.

The research made several recommendations, including bolstering private sector growth, investing in human resources, boosting resilience to shocks, and expanding regional collaboration. Regarding the security situation, the report emphasised the difficulties brought about by insecurity in Nigeria, such as the insurgency led by Boko Haram, criminal gangs operating in the South-East, and separatist activities. It affirmed President Tinubu’s resolve to replace the nation’s service chiefs and give security first priority.

In terms of the economy, the research listed the Naira redesign policy, poor output of crude oil, rising inflation, and sluggish growth in the private sector as problems impacting Nigeria. The economy is predicted to expand by 2.6% in 2024 despite obstacles.

Concerns over human rights abuses in Nigeria were also raised in the study, notably in relation to off-cycle governorship elections in the states of Kogi, Imo, and Bayelsa. The government has promised to look into these infractions and prosecute those who commit them.