Policymakers and businesses in West Africa now have an online tool to track their countries’ trade competitiveness and find new business opportunities in the region, with the launch of the West African Competitiveness Observatory.
The ECOWAS Commission and the International Trade Centre (ITC), with financial support from the European Union (EU), launched the online platform at a high-level event on 21 May 2024, in Abuja, Nigeria. The initiative aims to help unleash economic growth across West Africa, where more than half of intraregional export potential, valued at $3.2 billion, remains untapped. West Africa’s exports are more competitive within the region than on the rest of the continent or in global markets.
The West African Competitiveness Observatory serves as a monitoring tool for assessing the trade competitiveness of West African countries and the region. Its primary function is to aid policymakers in crafting policies that promote trade competitiveness and facilitate the development of value chains. This also supports local firms, especially small businesses, in integrating into regional value chains.
The Observatory offers three modules that enable policymakers to monitor and analyze trade competitiveness at both national and regional levels. Businesses can use the platform to identify business opportunities and engage with buyers and suppliers across markets in the region.
The Trade Competitiveness Module enables comprehensive monitoring and analysis of countries’ trade competitiveness, presenting data at global, continental, and regional levels. The Regional Value Chain Module allows policymakers and businesses to assess and integrate regional value chains, providing insights into five key sectors: apparel and textiles; beauty, wellness, and personal care products; food preparations for infant use; processed fish and crustacean products; processed fruits, vegetables, and roots.
The Business Matchmaking Module facilitates cross-border collaboration for businesses by promoting products and services while allowing them to connect with partners across the region. This module is aided by automatic translation in English, French, and Portuguese.
“The Observatory will provide important information for policymakers and businesses to take advantage of international markets. Supporting SMEs to effectively access the market will generate employment and contribute to economic growth,” stated Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture at the ECOWAS Commission.
Madame Massandjé TOURE-LITSE emphasized its critical role further: “The Observatory will provide important information for policymakers and businesses to take advantage of international markets. Supporting SMEs to effectively access the market will generate employment and contribute to economic growth.”
“Policymakers and businesses should use the Observatory for insights into your region’s great untapped trade potential,” said ITC Executive Director Pamela Coke-Hamilton. “We hope to see businesses make use of this tool to find buyers and explore new markets.”
The launch comes as West Africa navigates challenges posed by globalization, technological advancement, and an evolving trade landscape. With its three modules, the Observatory aims to position West Africa as a hub of economic growth on a global stage. According to ITC’s export potential estimates, West Africa could add $45.7 billion in exports by 2027.
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