By Mark Longyen
The Parliament of the Economic Community of West African States (ECOWAS) has called for the adoption of policy reforms that would boost Micro, Medium, and Small Enterprises (MSMEs) across the sub-region.
The Speaker of the Parliament, Hadja Memounatou Ibrahima, made this known while declaring open a delocalised meeting of the regional parliament’s Joint Committee on Monday in Cotonou, Republic of Benin.
The News Agency of Nigeria (NAN) reports that the Joint Committee meeting was that of Industry and Private Sector; Macroeconomic Policy and Economics Research; Administration, Finance, Budget and Public Accounts.
Ibrahima, represented by the Second Deputy Speaker, Adjaratou Coulibaly, identified MSMEs as the key drivers of regional economic growth and development, adding that strengthening them would address the sub-region’s security challenges.
She emphasised that the informal sector was the backbone of local economies, generating employment, stimulating innovation, promoting entrepreneurship, empowering women and youth, facilitating cross-border trade, culminating in economic development.
“When women and youths are empowered to contribute to economic development through the empowerment of MSMEs, insecurity will be indirectly addressed,” she said.
The Speaker noted that the economy of ECOWAS member states would be strengthened to compete globally if the meeting’s recommendations were implemented by relevant authorities.
“This will also help the sub-region to take its pride of place among the committee of nations,” she said.
Also speaking, the Committee’s Co-Chairman, MP Alhagie Darbo, underscored the informal sector’s contributions to regional economic development, especially through its labour force, stressing the need to empower MSMEs to thrive.
He noted that many MSMEs across the sub-region were contributing to member states’ local economies but were operating informally, which limited their access to finance, markets, technology, business support services and legal protection.
The lawmaker disclosed that the informal sector accounted for nearly 90 per cent of economic activities, and employed about 60 per cent of West Africa’s labour force.
“While this demonstrates the entrepreneurial spirit of our people, it also highlights the urgent need to create enabling policies that encourage formalisation, improve productivity and integrate MSMEs into regional and continental value chains,” he said.
To achieve this objective, he advocated practical policy measures that would remove all barriers to MSMEs development across the sub-region and unlock their full potentials.
“As representatives of the peoples of West Africa, we have a collective responsibility to identify practical policy measures that will remove barriers confronting MSMEs and unlock their full potential.
“Formalising and strengthening these enterprises is not merely an economic imperative but a pathway to sustainable development and poverty reduction,” the Gambian MP delegation said.
According to him, achieving the ECOWAS Vision 2050 requires stronger institutional commitment, including enabling business environment where MSMEs can thrive, compete and participate effectively in regional and beyond.
Darbo, therefore, urged participants to identify challenges, as well as provide practicable solutions that would culminate in the strengthening of MSMEs across West Africa.
“We must focus on developing practical recommendations that will support harmonised policies, improve access to finance, enhance digital transformation, facilitate intra-regional trade, and strengthen productive capacities.
“We should also focus on promoting the participation of MSMEs in regional value chains under the ECOWAS Trade Liberalisation Scheme and the African Continental Free Trade Area,” he added.(NAN)(www.nannews.ng)
Edited by Isaac Aregbesola