The Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, is calling on West African leaders to reform trade through diversification as a new normal to grow amid global challenges.

According to her, West Africa and the continent as a whole are attracting investors through trade to stimulate economic growth and create employment.

Giving a keynote speech at the just-ended ECOWAS Investment Forum (EIF) in Lomé, Togo, Dr Ngozi-Iweala noted that, despite challenges such as the COVID-19 pandemic and the war in Ukraine, international trade has rebounded and progressed.

“In the last quarter of 2023, the volume of goods exchanged was 6.3% higher than the peak reached before the pandemic in the third quarter of 2019, and 19.1% higher than the 2015 average. Commercial services trade grew by 21% in US dollar value from 2019 to 2023.

To continue development despite various challenges, the strategy has been to decentralize and diversify supply chains.

At the WTO, we refer to this process as "reglobalisation" to bring more regions out of marginality into the global arena, while stimulating job creation” she charged.

The ECOWAS Investment Forum (EIF) 2024 took place in Lomé, Togo, organized by the ECOWAS Bank for Investment and Development (EBID) in partnership with the Government of the Togolese Republic and the Government of India through Exim Bank India.

Executive Vice President at the Africa Export-Import Bank, Mrs. Kanayo Awani called on member nations to remain resilient in their course to ensure infrastructure development for the sub-region.

“There is a persistent infrastructure deficit, important for exchanges and connections between the various players in the economy. The impact of this deficit amounts to between $130 and $170 billion a year, or 2% of Africa's GDP every year".

"However, we must remain optimistic and explore solutions” she noted.

The theme for the Forum was "Transforming ECOWAS Communities in a Challenging Environment" the ECOWAS Investment Forum (EIF) 2024 is a strategic platform bringing together key development stakeholders to promote investment opportunities in key sectors of the member states.

The focus is on stimulating economic growth, creating sustainable jobs, and building resilience in the face of global challenges.

The event featured interactive panels, deal rooms, B2B meetings, and networking sessions. Participants engaged in discussions on topics related to food security, infrastructure, and green jobs. Quotes, comments, and impressions from participants highlighted the importance of collaboration, innovation, and investment in driving sustainable development in the ECOWAS region.