June 21, 2025 | Agency Report
Members of the ECOWAS Parliament have raised concerns over the persistent challenges hindering private sector growth and job creation across West Africa.
At the conclusion of a five-day Joint Committee meeting in Monrovia, lawmakers highlighted unstable government policies, insecurity, poor electricity supply, and an unfavorable business climate as major obstacles facing the region.
The committee, which includes members from finance, macroeconomic policy, industry, and private sector sectors, proposed several strategies to address these issues. Recommendations included improved financing for small and medium-sized enterprises (SMEs), promoting high-employment sectors such as agro-industry, renewable energy, and digital technology, and enhancing the overall business environment.
Nigerian Senator Osita Izunaso emphasized the impact of erratic power supply and policy instability on business planning and profitability. He also pointed to the lack of skilled labor as a critical issue, urging investment in vocational education and human capital development. “Investors need legal certainty,” he said, stressing the need for stable regulatory frameworks and security.
Senator Sharafadeen Abiodun echoed these sentiments, warning that economic uncertainty and fluctuating currencies were causing deep anxiety among young people. He criticized the prolonged incentives offered to foreign investors at the expense of domestic businesses and called for a more balanced approach.
MP Zakariya Nyampa stressed the importance of affordable, enforceable policies, especially in light of widespread corruption. He lamented the youth’s declining interest in trades like carpentry and welding, which are essential for self-employment and income generation. “Even farming is risky,” he said, citing rising insecurity that endangers rural livelihoods.
The meeting was part of ECOWAS’s ongoing efforts to assess the effectiveness of its investment policies and their impact on job creation, especially among young people. The goal, lawmakers said, is to foster inclusive economic growth across the subregion.
(NAN)
