The House Committee on Diaspora Affairs Chairman, Tochukwu Okere, highlighted the challenges faced by the ECOWAS module in achieving economic prosperity in West Africa. Speaking at a Nigerian Eye Newspaper Lecture, Okere criticized the lack of focus leading to poverty and insecurity in the region.
He pointed out the low intra-community trade volume of $277.22 billion in 2022, far below the region’s potential. Nigeria’s trade with China and the U.K. outweighed its trade within ECOWAS, indicating a disparity among member states. The neglect of fostering trade within the union has hindered the region’s economic growth.
Okere emphasized the missed opportunity of a unified market with a population exceeding that of the U.S., urging a shift back to the founding principles of promoting cooperation and integration. The UN report on West African countries’ social development challenges further underscored the need for action.
Overall, the discussion highlighted the “Trade Conundrum” within ECOWAS and the urgent need to refocus on economic welfare for the region’s prosperity.