Dr. Touray explained that the facility, a blended finance initiative, will provide grants, loans, and guarantees through competitive calls for proposals aimed at addressing the region’s energy challenges. He also highlighted a $19 billion investment target to enhance rice production through improved storage, milling, and mechanization to achieve self-sufficiency in rice by 2035.
Dr. Touray praised progress on the Nigeria-Morocco gas pipeline project, a 6,800 km infrastructure set to transport 30 billion cubic feet of gas annually to ECOWAS states, Mauritania, and Europe. Other notable integration initiatives include the ECOWAS roaming regulation, advancements in water resource management, and air transport cost harmonization to improve mobility within the region.
Highlighting the community’s progress, Dr. Touray noted, “The phased implementation of the ECOWAS roaming tariff is now live in at least six member states, while air transport ministers are working to reduce aviation charges and streamline taxes inconsistent with international standards.”
Despite these achievements, the President expressed concerns about declining community levy contributions, with only 40% of approved funds received by October 2024. He emphasized the need for member states to fulfill financial commitments to enable the execution of critical projects.
Dr. Touray also addressed regional security issues, including terrorism and political instability, and urged Mali, Burkina Faso, and Niger to reconsider their withdrawal from ECOWAS, emphasizing the importance of unity in overcoming shared challenges.
Nigeria’s Foreign Affairs Minister and Chair of the ECOWAS Council of Ministers, Yusuf Tuggar, called for an enabling environment to foster private sector growth. “Our governments must create conducive conditions for private sector development, which is central to our integration agenda,” Tuggar said, urging member states to tackle non-tariff barriers and enhance trade infrastructure.
Tuggar also announced plans to lead a West African Ambassadors’ delegation to Lagos in 2025 for an economic forum showcasing the region’s trade potential and investment opportunities. “We must unlock our region’s economic potential through strategic partnerships and stronger cooperation,” he stated.
The session underscored ECOWAS’s commitment to economic integration and sustainable development, with a call for member states to strengthen cooperation, address trade barriers, and support private sector participation to improve the lives of citizens across the region.
