President Bola Ahmed Tinubu has called on West African leaders to capitalise on the region’s youthful population and abundant natural resources to drive economic transformation through industrialisation, education, and innovation.
Delivering the keynote address at the inaugural West Africa Economic Summit (WAES) held on Saturday in Abuja, Tinubu described West Africa’s youth as its "greatest asset" but warned that without the right investments, this demographic advantage could turn into a burden.
“However, this demographic promise can quickly become a liability if not matched by investments in education, digital infrastructure, innovation, and productive enterprise,” the President cautioned.
Highlighting Nigeria’s own focus on skills development, digital connectivity, and youth empowerment, Tinubu emphasised the need for stronger regional cooperation. “No one country can do this alone. Our prosperity depends on regional supply chains, energy networks, and data frameworks. We must design them together—or they will collapse separately,” he said.
With intra-regional trade in West Africa still below 10 percent, President Tinubu called for the dismantling of trade barriers and urged leaders to coordinate efforts or risk being sidelined in the global economy.
On industrial development, Tinubu urged the region to transition from raw material exports to value-added production, warning against repeating the mistakes of the past.
“"Let us recognise that Africa was left behind in previous industrial revolutions. We cannot afford to miss the next one. Our rare minerals power tomorrow's green technologies, yet being resource—rich is not enough; we must also become value-chain smart and invest in local processing and regional manufacturing."
"The era of 'pit to port' must end. We must turn our mineral wealth into domestic economic value—jobs, technology, and manufacturing,” he said, advocating for domestic processing, regional manufacturing, and job creation."
As Chair of the ECOWAS Authority of Heads of State and Government, Tinubu also underscored the critical role of the private sector, stating that governments must focus on creating an enabling environment for businesses to thrive.
“The fundamental transformation will not come solely from government, but from unleashing our people's entrepreneurial spirit. Governments must provide the right environment—law, order, and market-friendly policies—while the private sector drives growth,” he said.
Calling on summit participants—including heads of state, policymakers, investors, and development partners—President Tinubu challenged the region to emerge from the summit with clear and actionable outcomes.
“Our task is to find new and effective ways to invest in our collective future, improve the business climate, and create opportunities for our youth and women,” he concluded.
The fundamental transformation will not come solely from government, but from unleashing our people's entrepreneurial spirit. Governments must provide the right environment—law, order, and market-friendly policies—while the private sector drives growth."
Video
Post a Comment