Connecting African Trade for Africa's sufficiency and posterity.
It is with great honour and privilege that I join you today for this webinar on unlocking the vast potential of business, trade, and investment opportunities in Africa, with a focus on ECOWAS. Let me first express my heartfelt gratitude to the African Trade Exhibition for this invitation and commend the organizers for their commitment to fostering economic growth across the continent.
Today’s topic is one of immense relevance, as Africa stands on the cusp of a transformative era. With a population exceeding 1.4 billion, a youthful workforce, and unparalleled natural resources, our continent holds the keys to becoming a global economic powerhouse. ECOWAS, representing 15 nations and over 400 million people, is uniquely positioned to lead this transformation.
To start with, harnessing opportunities in ECOWAS, you can agree with me that Africa’s potential lies not only in its resources but in its ability to leverage them effectively. Let us note that Key sectors where immense opportunities exist are as follows:
- Agriculture and Agribusiness: As the backbone of Africa’s economy, agriculture employs more than 60% of the population. The value chain in agriculture from production to processing and export is ripe for investment. Therefore, by prioritizing value addition, we can significantly boost exports and create jobs, particularly in rural areas. Climate-smart farming and the adoption of modern technologies are critical in ensuring productivity and sustainability.
- Industrialization and Manufacturing: ECOWAS has a growing market for light manufacturing and agro-processing industries. Local production of goods such as textiles, processed foods, and construction materials not only addresses regional needs but also reduces reliance on imports.
- Renewable Energy: Africa’s vast solar, wind, and hydro resources offer immense potential for renewable energy development. Investment in clean energy projects can power industrial growth and provide energy access to millions.
- Digital Economy: Digital innovations such as e-commerce, fintech, and agritech are reshaping the way we do business. Harnessing the power of digital platforms can bridge market gaps, connect buyers and sellers, and enable small businesses to compete globally.
While we identify the opportunities, the following cannot be understated:-
- Role of Trade and Investment in Driving Growth: The African Continental Free Trade Area (AfCFTA) is a game-changer, providing a unified market that eliminates tariffs on intra-African trade. ECOWAS must leverage this framework to boost regional trade, create jobs, and drive economic diversification. However, this requires strategic investments in infrastructure, logistics, and trade facilitation to overcome existing barriers. Moreover, public-private partnerships are pivotal in unlocking opportunities. Governments, businesses, and civil society must collaborate to create an enabling environment for investments, supported by policies that promote ease of doing business, access to finance, and market competitiveness.
- Empowering Women and Youth: Africa’s progress is incomplete without the inclusion of women and youth. Women, especially in agribusiness, play a critical role in food production and trade. Supporting women entrepreneurs with training, access to credit, and market linkages can transform the agricultural landscape. Similarly, our youth, armed with creativity and innovation, are Africa’s greatest asset. Equipping them with entrepreneurial skills and technology tools ensures their active participation in driving economic transformation.
- Networking for Lasting Impact: Platforms like this webinar are invaluable for fostering connections and building partnerships. Networking allows us to share knowledge, exchange ideas, and identify synergies that drive impactful collaborations.
On this note, therefore, Let us use this opportunity to forge relationships that transcend borders, aligning our efforts to achieve shared goals. Also, leveraging collective strengths, we can amplify our impact on the continent’s business and trade landscape.
To all my colleague continental members, permit me to propose a “Call to Action”, as we look toward the future, I urge each of you to:
- Explore innovative partnerships that unlock potential in agriculture, manufacturing, and technology.
- Support the implementation of AfCFTA to facilitate regional trade and integration.
- Invest in sustainable practices that prioritize resilience and inclusivity.
- Empower marginalized groups, ensuring that women and youth are at the forefront of Africa’s transformation.
To conclude, Africa’s story is one of opportunity and resilience. By working together and leveraging our collective strengths, we can transform challenges into opportunities and lay the foundation for a prosperous future. As the President of the National Federation of Farmers of Sierra Leone being the Keynote Speaker of this continental event, I reaffirm our commitment to fostering collaboration, driving innovation, and contributing to Africa’s economic and social development. Together, we can build a continent where every business thrives, every trade barrier is overcome, and every investment creates a lasting impact.
Madam Yatta Samah
National President of the National Federation of Farmers of Sierra Leone (NAFFSL)