ECOWAS Commission Holds a Technical Meeting to Review Key Documents needed to Propel the Private Sector of the Region
03 May, 2023The ECOWAS Commission through the Private Sector Directorate organized a technical meeting with private sector actors and the UEMOA Commission to review implementation of the 2015–2020 Regional Private Sector Development Strategy and to provide guidance for the development of the new strategy to cover a ten-year period, 2023–2033.
The meeting which was held in Abuja, Nigeria from 25-27 April 2023, also discussed the draft terms of reference for the development of the Regional Strategy for the Promotion of Start-Ups and digital enterprises.
In her opening remarks, the Commissioner Economic Affairs and Agriculture, Madam Massandjé TOURE-LITSE, represented by the Acting Director Private Sector, Dr. Tony Luka ELUMELU, noted that though the 2015–2020 strategy has expired, some provisions and activities were still relevant while there were also new and emerging issues which have redefined contemporary business climate and the imperatives for private sector competitiveness in regional, continental and global markets.
She said “some of these issues are enshrined in the ECOWAS 2050 vision, the Community Strategic Framework (CSF) Priorities and key relevant policies of ECOWAS like the 2022-2032 Micro, Small and Medium-sized Enterprise (MSME) Charter, the 2021 Public-Private Partnerships Policy and Guidelines. Others she said, built-in the values of the Fourth Industrial Revolution (4IR)/digitization including the emergence of digital enterprises or startups, digital currencies and blockchain technology and the growing importance of regional value chains vis-à-vis global value chains and globalization. “The commencement of the African Continental Free Trade Area (AfCFTA), the African Union (AU) Agenda 2063, the UN SDGs (agenda 2030) and the ECOWAS Common External Tariff (CET) are other important emerging issues that the new strategies should consider” Mrs TOURE-LITSE, stressed.
The Commissioner further reiterated the important role of the Private Sector in the realisation of the 2050 Vision and the CSF, especially regarding regional transformation, industrialisation and competitiveness. She however noted 70-80 percent of the region’s businesses are found in the Small and medium-sized enterprises (SME) category. It is against this background that the ECOWAS Commission is focusing on the review of the old and development of the new (2023-2033) PSD Strategy which will provide a Comprehensive ‘Enterprise Support Framework’ for SMEs’ competitiveness in the AfCFTA among others, she concluded.
The Directorates of Free Movement, Humanitarian & Social Affairs, Transport, Environment, Energy & Mines and Trade made presentations on various initiatives from their Directorates to be considered in the new strategy. Partners present such as UEMOA and UNIDO also shared their individual experiences on Private Sector Strategy and startups program respectively.
