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๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria /Economy & Trade

ECOWAS Parliament Tackles Trade Barriers Hurting Small Businesses

From ThisDay · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • ECOWAS Parliament members visited Cotonou to address trade barriers hindering Micro, Small, and Medium Enterprises (MSMEs).
  • Businesses face challenges like multiple checkpoints, inconsistent customs, unofficial payments, and difficulties accessing finance.
  • Lawmakers visited the Glo-Djigbe Industrial Zone and held a town hall, promising to push for solutions to improve regional trade and economic growth.

Lawmakers within the Economic Community of West African States (ECOWAS) Parliament are taking concrete steps to dismantle trade barriers that stifle the growth of Micro, Small, and Medium Enterprises (MSMEs) across the region. A recent field visit and town hall engagement in Cotonou, Benin, revealed the significant hurdles these businesses face, despite ECOWAS's long-standing goals of promoting economic cooperation and free movement since its establishment in 1975.

The lawmakersโ€™ mission was to assess the practical challenges confronting businesses and traders and identify policy gaps undermining the implementation of ECOWASโ€™ regional integration agenda.

โ€” ECOWAS ParliamentDescribing the purpose of the delocalized meeting and field visit.

Entrepreneurs shared firsthand accounts of persistent challenges, including numerous checkpoints, unpredictable customs procedures, unofficial payments, and considerable delays at borders. Compounding these issues is the difficulty in accessing essential financing, a problem particularly acute for MSMEs that form the backbone of West African employment and economic activity but often lack the resources to navigate complex regulations and high operational costs.

However, businesses and traders continue to report challenges including multiple checkpoints, inconsistent customs procedures, unofficial payments, delays at borders and difficulties accessing finance.

โ€” ECOWAS ParliamentDetailing the persistent obstacles faced by businesses despite regional integration efforts.

The parliamentary delegation also toured the Glo-Djigbe Industrial Zone (GDIZ), a public-private partnership showcasing Benin's commitment to industrialization and local value addition. This zone has attracted over 40 companies across diverse sectors, highlighting the potential for transforming the West African economy through such initiatives.

The visit showcased the potential of industrialisation and local value addition in transforming West Africaโ€™s economy.

โ€” ECOWAS ParliamentHighlighting the significance of the Glo-Djigbe Industrial Zone visit.

Following the visit, ECOWAS Parliament members assured stakeholders that their submissions would be carefully considered and presented to relevant authorities. The lawmakers committed to engaging national legislators and government officials to advocate for practical solutions, emphasizing that regional trade must evolve into a tangible tool for combating poverty and unemployment.

Responding to the concerns, members of the ECOWAS Parliament assured stakeholders that their submissions would be carefully considered and presented to relevant authorities for action.

โ€” ECOWAS ParliamentCommitting to follow up on the issues raised by traders during the town hall meeting.
DistantNews Editorial

Originally published by ThisDay in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.