The Economic Community of West African States (ECOWAS) is encouraging Investment Promotion Agencies in West Africa to consider utilizing diaspora remittances, funds sent home by people living abroad, to improve infrastructure in their countries.

During a recent meeting in Abuja, Dr. Tony Elumelu, the Director of Private Sector for ECOWAS, emphasized that West Africa has a significant need for improved infrastructure, including roads and buildings. He believes that by working together, investment agencies and government organizations can effectively channel these remittances into infrastructure projects. Dr. Elumelu noted that in 2024, countries such as Ghana, Nigeria, and Senegal received approximately $28 billion from their citizens living abroad, making these countries among the top recipients of such funds in Africa.

Three West African countries rank among the top ten in Africa for the remittances their citizens send back home from abroad. This inflow presents a significant opportunity that has surpassed previous expectations. The region has the potential to secure financing from two primary avenues: government assistance and capital influx from international investors.

According to the News Agency of Nigeria (NAN), GIZ, a German development agency, shared important information during a meeting about creating sustainable development opportunities in West Africa. GIZ highlighted the importance of starting new strategic projects to boost regional investment and cooperation, as well as to improve local value chains for better economic stability.

Before the meeting, ECOWAS held a training program for members of the IPAWAS Technical Committee to help them improve their skills.

Delegates and experts from the Organisation for Economic Cooperation and Development (OECD) conducted a review and approved the training materials and schedules for the member countries of ECOWAS.

(NAN)