The Economic Community of West African States (ECOWAS) has named Africa’s foremost business magnate, Aliko Dangote, as the inaugural Chairperson of its newly formed ECOWAS Business Council, a strategic initiative designed to boost private sector engagement and strengthen regional economic collaboration. The announcement was made by ECOWAS Commission President Omar Touray during the 95th Ordinary Session of the ECOWAS Council of Ministers in Abuja.
Touray highlighted Dangote’s extensive experience across West Africa, noting that his leadership is expected to inspire confidence and foster meaningful collaboration between private sector actors, governments, and ECOWAS institutions. “Through this Council, we aim to provide a platform for dialogue on economic integration, investment opportunities, and regional development,” Touray said, stressing that the initiative seeks to reduce reliance on foreign investment by promoting intra-regional capital flow.
The Business Council will also work closely with member states to strengthen regional infrastructure and financial stability. Touray pointed to ongoing challenges in the West African Poi2wer Pool, where debts owed by national electricity companies threaten the stability of the regional electricity market, urging member states to support debt recovery efforts and improve economic resilience.
Beyond economic objectives, ECOWAS is pursuing broader goals, including regional monetary integration, the establishment of a regional standby force to counter terrorism and violent extremism, and effective humanitarian response mechanisms. Sierra Leone’s Foreign Affairs Minister and Chairperson of the ECOWAS Council of Ministers, Timothy Kabba, emphasized the importance of regional cooperation to tackle security, economic, and democratic challenges, condemning recent coups in Guinea-Bissau and Benin Republic. “Acts that undermine constitutional governance threaten the very fabric of our community. Swift, coordinated responses demonstrate our commitment to stability,” Kabba stated.
Ambassador Bianca Odumegwu-Ojukwu, Nigeria’s Minister of State for Foreign Affairs, underscored the need for inclusive governance, deepening intra-regional trade, and youth empowerment, highlighting that West Africa is home to over 400 million people, 65 percent of whom are under the age of 25.
As ECOWAS marks the 50th anniversary of the Treaty of Lagos, the Business Council is positioned as a key instrument for private sector-driven growth, fostering investment, economic resilience, and long-term regional development. Dangote’s leadership is expected to galvanize private sector participation and align investments with the Council’s objectives, offering a pathway to sustainable economic self-sufficiency across West Africa.
