Launch of Four Initiatives Worth Over EUR105 Million to Enhance Trade Competitiveness and Peace in the ECOWAS Region

Strategic Insights -

Four major initiatives worth over EUR105 million were launched in Abuja, Nigeria, aimed at strengthening trade competitiveness and market access, improving peace and security, and institutional capacity in the ECOWAS region. The initiatives, co-funded by the EU, Germany, and Spain, are part of a high-level event at the ECOWAS Headquarters, bringing together senior officials and partners from across West Africa and Europe.

The initiatives, launched by the ECOWAS, the European Union, Germany, and Spain, in collaboration with various international organizations, aim to increase sustainable Africa-EU and intra-African trade by improving market access and enhancing trade competitiveness of West African businesses. The African Union's Agenda 2063, particularly the African Continental Free Trade Area (AfCFTA), and the EU Global Gateway and the European Green Deal are the anchors of these projects.

Key Takeaways:

  • Four initiatives worth over EUR105 million have been launched to strengthen trade competitiveness and market access, improve peace and security, and institutional capacity in the ECOWAS region.
  • The initiatives, co-funded by the EU, Germany, and Spain, are aimed at increasing sustainable Africa-EU and intra-African trade by improving market access and enhancing trade competitiveness of West African businesses.
  • The EUR50 million EU-funded Africa Trade Competitiveness and Market Access (ATCMA) Programme aims to increase sustainable Africa-EU and intra-African trade by improving market access and enhancing trade competitiveness of West African businesses in selected high-potential value chains.
  • The EUR20.5 million "Support to the ECOWAS Commission in the Implementation of the African Continental Free Trade Area (AfCFTA)" project aims to assist ECOWAS in strengthening key implementation frameworks for trade in services.
  • The EUR27.25 million EU Support to ECOWAS in Peace, Security and Governance (EPSG) provides technical and financial support to ECOWAS for the strengthening of regional peace, security, and democratic governance.
  • The EUR14.984 million Organisational Development / Institutional Support to ECOWAS Phase II (OD/ISE II) project will support internal reforms by the ECOWAS Commission and the ECOWAS Bank for Investment and Development (EBID).
  • The initiatives will prioritize women- and youth-led businesses to foster economic inclusion and support sustainable business practices.
  • The projects are anchored in the EU Global Gateway and the European Green Deal.

Statistics:

  • Four initiatives worth over EUR105 million have been launched.
  • The EUR50 million EU-funded Africa Trade Competitiveness and Market Access (ATCMA) Programme has been implemented jointly by UNIDO and ITC.
  • The EUR20.5 million "Support to the ECOWAS Commission in the Implementation of the African Continental Free Trade Area (AfCFTA)" project is co-financed by the EU (EUR11.5 million) and Germany (EUR9 million).
  • The EUR27.25 million EU Support to ECOWAS in Peace, Security and Governance (EPSG) is co-financed by the EU (EUR13 million) and Germany (EUR14.25 million).
  • The EUR14.984 million Organisational Development / Institutional Support to ECOWAS Phase II (OD/ISE II) project is co-funded by the European Union (EUR6 million), Germany (EUR8 million) and Spain (EUR0.984 million).

Sources:

  • Press release from the International Trade Centre
  • Quote from H.E. Annett Gunther, German Ambassador to Nigeria and ECOWAS
  • Quote from Mrs. Maria Higon Velasco, Deputy Head of Mission at the Spanish Embassy in Nigeria
  • Quote from Mr. Gautier Mignot, EU Ambassador to Nigeria and ECOWAS
  • Quote from Dr Omar Alieu Touray, President of the ECOWAS Commission
  • Quote from Gerd Muller, UNIDO Director General
  • Quote from Pamela Coke-Hamilton, ITC Executive Director
  • Quote from Dr Markus Wagner, GIZ Nigeria Country Director