In a compelling address at the ECOWAS Investment Forum (EIF) in Togo, Sierra Leone’s Chief Minister, Moinina David Sengeh, underscored West Africa’s untapped potential to become a global agricultural powerhouse and investment hub. Sengeh emphasized that with adequate investment and strategic vision, West Africa could not only achieve self-sufficiency but also emerge as a significant player in feeding the world’s growing population.
Speaking passionately at the forum organized by the ECOWAS Bank for Investment and Development (EBID), Sengeh highlighted the abundance of resources and favorable geographical positioning of West African countries. He stressed that the region possesses the necessary ingredients for success, including vast arable land, a skilled labor force, and a shared vision for economic growth.
Sengeh highlighted key points:
West Africa’s pivotal role in supplying fish to Asian markets, signaling the region’s potential to expand its agricultural exports.
The region’s status as a center for agricultural production, with Ghana, Ivory Coast, and Sierra Leone leading in cocoa cultivation, alongside other staple crops such as cassava and rice
The strategic significance of West Africa as a logistical hub, with easy access to various regions of the world through direct flights from its 15 member countries.
The abundance of critical minerals, including gold, oil, iron ore, and rutile, making West Africa a key player in infrastructural development.
The need for investment in value addition and innovation to transition from being a center of raw materials to a hub of industrial development.
The region’s rich cultural heritage, which continues to influence global trends in music, fashion, sports, and creative arts.
Sengeh urged ECOWAS leaders in both the public and private sectors to recognize and harness the region’s potential for investment, trade, human capital development, and social inclusion. He emphasized the importance of collaboration among member states to build centers of excellence in various sectors, promoting regional integration and economic stability.
The EIF 2024 serves as a vital platform for stakeholders to address economic challenges facing ECOWAS member states, including food security, infrastructure development, climate change, and job creation. Sengeh’s impassioned plea for investment in West Africa’s future resonates with the forum’s overarching goal of socio-economic recovery and sustainable development across the region.
As West Africa grapples with global shocks and economic uncertainties, Sengeh’s visionary outlook offers a beacon of hope for unlocking the region’s immense potential and positioning it as a driving force in the global economy.