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ECOWAS seeks support for industrialisation policy

ECOWAS seeks support for industrialisation policy


INDICATIONS emerged yesterday that the West African Industrial Policy (WACIP) mooted by sub-regional leaders as the main lever of integrated industrialisation of the area is now under threat unless it receives needed support of financial institutions and others.

This was the main submission of ministers in charge of industry in the ECOWAS region after their review meeting in Lome, Togo.

Consequently, the ministers have launched a special appeal to regional financial banks and institutions, technical and financial partners, the private sector and member states, to support the speedy implementation of the West Africa Industrial Policy programmes.

The ECOWAS Commission said that ministers, who also adopted the report of a two-day experts’ meeting that followed the ministerial session, have mandated the ECOWAS Commission to organise a donors’ Roundtable for WACIP in 2012.

In his welcome address to the ministerial symposium, the ECOWAS Commissioner for Trade, Industry and Mines, Tourism and Free Movement, Mr. Hamid Ahmed, urged the ministers, member states, the private sector and other stakeholders to aid WACIP for the speedy implementation of the 10 WACIP programmes.

The ministerial session also discussed technical assistance of UNIDO and mobilisation of donors for the financing of WACIP, which ECOWAS leaders adopted in July 2010, with 10 accompanying core programmes and outlining key objectives, including diversifying and broadening the region’s industrial production base.

This is meant to be achieved by progressively raising local raw material processing rate from 15-20 per cent to over 30 per cent by 2030 through support for the creation of new industrial production capacity and increasing manufacturing industries’ contribution to the regional GDP currently at an average of 6-7 per cent to an average of over 20 per cent.

The other objectives include increasing intra-community trade in West Africa from less than 12 per cent to 40 per cent by 2030 with a 50 per cent share of the region’s trade in manufacturing goods, particularly in the area of energy as well as increasing the volume of exports of goods manufactured in the region to the global market from the current 0.1 per cent to at least one per cent by 2030.

 

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