ECOWAS urges investment agencies to tap diaspora remittances
By Mark Longyen
The Economic Community of West African States (ECOWAS) has urged Investment Promotion Agencies of West Africa (IPAWAS) to explore the use of diaspora remittances for infrastructure development in their respective countries.
ECOWAS Director of Private Sector, Dr Tony Elumelu, made this call during a meeting of the IPAWAS Technical Committee in Abuja.
Elumelu said that West Africa’s huge infrastructure deficit could be addressed if regional investment agencies collaborated with government institutions to channel diaspora remittances into infrastructure projects.
“Leveraging these remittances could help bridge the region’s massive infrastructure gap, especially considering the increasing financial pressures on ECOWAS member states,” he said.
He highlighted that, according to World Bank records, Ghana, Nigeria, and Senegal received approximately 28 billion dollars in diaspora remittances in 2024.
“These three West African nations rank among the top ten recipients of diaspora remittances in Africa.
“This inflow has become a critical external funding source, surpassing both official development assistance and foreign direct investment”.
The News Agency of Nigeria (NAN) reports that GIZ, the German international development agency, also made a presentation at the meeting on unlocking sustainable development opportunities in West Africa.
GIZ emphasised the need for new strategic initiatives to enhance regional investment and cooperation and strengthening regional value chains to improve economic resilience.
The meeting was preceded by a capacity-building programme organised by ECOWAS for members of the IPAWAS Technical Committee.
Delegates and resource persons from the Organisation for Economic Cooperation and Development (OECD) reviewed and adopted capacity-building modules and training schedules for ECOWAS member states.(NAN)
Edited by Kevin Okunzuwa
Published By
- Agriculture and Environment Desk Editor, Website Content Manager.
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