The Economic Community of West African States (ECOWAS) has appointed Africa’s foremost industrialist, Aliko Dangote, as the pioneer Chairperson of its newly established ECOWAS Business Council (EBC), a strategic platform aimed at boosting private-sector participation, financial stability, and economic resilience across the region.
The announcement was made by the President of the ECOWAS Commission, Omar Touray, during the 95th Ordinary Session of the ECOWAS Council of Ministers held on Wednesday in Abuja.
Touray said the council will serve as a hub for mobilising intra-regional investments, deepening economic integration, and enhancing collaboration between ECOWAS institutions, member states, and private-sector actors.
“We are moving forward with the operationalisation of the ECOWAS Business Council. We have identified Alhaji Aliko Dangote to be the pioneer Chairperson of the Council, given his vast experience doing business within our subregion and across Africa,” Touray stated.
According to him, the EBC will facilitate dialogue among governments, investors and private enterprises to reduce the region’s dependence on foreign capital and improve economic self-sufficiency.
“This appetite for intra-regional investment underscores the need to mobilise capital within our region rather than rely on precarious foreign investments,” he said. “With the kind of investments we have seen from the likes of Alhaji Dangote, our private sector can lead the development of our Community if given the right incentives.”
Touray also raised concerns about mounting financial challenges within the West African Power Pool, noting that debts owed by national electricity companies are undermining the regional energy market. He urged member states to prioritise debt recovery efforts to stabilise the power sector.
The ECOWAS Commission president further addressed key issues on the regional agenda, including monetary integration, activation of the regional counter-terrorism force, and strengthening institutional audits, budgets, and work programmes.
West African Ministers Call for Stronger Regional Cooperation
In his opening remarks, Sierra Leone’s Minister of Foreign Affairs and Chairperson of the ECOWAS Council of Ministers, Timothy Kabba, called for deeper cooperation among member states to tackle security threats, promote economic integration, and defend democratic governance.
“This meeting reaffirms our steadfast dedication to regional cooperation,” Kabba said. “No single nation can confront our current challenges independently. They can only be resolved through enhanced cooperation and mutual understanding.”
Kabba condemned recent coups and attempted coups in West Africa—particularly developments in Guinea-Bissau and the foiled attempt in Benin—warning that unconstitutional governance threatens the region’s stability.
“Our community must uphold a policy of zero tolerance towards military coups or any breaches of constitutional governance,” he added.
Highlighting the 50th anniversary of the Treaty of Lagos, Kabba urged member states to leverage the African Continental Free Trade Agreement (AfCFTA), strengthen regional value chains, improve energy and transportation networks, and support youth-driven economic growth.
Nigeria Calls for Resilient, Inclusive Governance
The Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, also cautioned against rising political instability, prolonged transitions, and governance deficits across the region.
“These situations threaten democratic values and undermine regional cohesion,” she said. “We must remain steadfast in defending constitutional order, promoting inclusive dialogue, and supporting credible transitions.”
She stressed the need to deepen intra-regional trade, facilitate investment flows, and create opportunities for the region’s youthful population, which constitutes about 65 per cent of West Africa’s 400 million residents.
Growing Security Pressures in West Africa
The meeting comes amid escalating security threats, including terrorism, violent extremism, organised crime, and the spread of armed groups across Mali, Niger, Burkina Faso, and parts of Nigeria.
Several ECOWAS member states remain under military rule, while humanitarian crises continue to worsen, with millions displaced across the Sahel and Lake Chad Basin.
Despite the challenges, ECOWAS leaders expressed optimism that renewed collaboration with the private sector—anchored by the newly inaugurated ECOWAS Business Council—will help steer the region toward sustained growth, stability, and economic integration.
