The President of the Economic Community of West African States (ECOWAS) Commission, Omar Touray, underscored the significance of political stability, peace, and security for West African countries to attract essential investments for development.
Speaking during the 64th Ordinary Session of the ECOWAS Authority of Heads of State and Government held in Abuja on Sunday, Touray addressed the challenges affecting the region’s investment climate.
Touray emphasized that the fragile state of democracy and persistent security challenges in the region have had a substantial impact on the risk rating of West Africa. This, in turn, influences the flow of foreign capital and hinders intra-regional trade and investment.
He highlighted that ECOWAS has prioritized the development of regional infrastructure and the implementation of business-friendly policies as fundamental elements of the region’s integration strategy.
“We are challenged to improve the business environment in our community to take advantage of the growing interests of investors in our community,” he said.