The Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has called on African leaders to prioritize investment in various areas, including energy development, youth employment through agriculture and renewable energy, and infrastructural advancement. Speaking at the ECOWAS Investment Forum 2024, organized by the ECOWAS Bank for Investment and Development in partnership with the Togolese government, Okonjo-Iweala underlined that despite the economic impact of the pandemic, the ECOWAS region has the potential to attract investment through regional integration, commercial services, and a skilled workforce. The WTO DG opined that African governments must strive to reduce commercial costs within the ECOWAS region, upgrade physical and digital infrastructure, and focus on regional integration through the African Continental Free Trade Area. She also mentioned that Africa contributes only 3% of global trade, with the ECOWAS countries accounting for 0.7%.
The forum’s speakers also stressed the importance of innovative financing mechanisms and regulatory frameworks that can encourage collaboration in addressing Africa’s persistent infrastructure deficit, which stands at around $130-$170 billion or 2% of GDP annually. They emphasized the need to promote investment in agriculture, smart agriculture, and technology, in addition to enhancing training to boost the sector’s performance. The speakers highlighted the potential of the agricultural value chain to create jobs, address food security, and boost the continent’s export earnings. The forum participants also called for increased public-private sector partnerships to support investments in key sectors, encourage local investments, and leverage resources to meet investment needs.