Kemi Adeosun emerges new chairman of ECOWAS Investment Bank

The Minister of Finance, Kemi Adeosun, on Tuesday emerged the
Chairperson, Board of Governors of the Economic Community of West
African States, ECOWAS Bank for Investment and Development, EBID.

Mrs. Adeosun’s emergence came at the end of the 15th Ordinary Meeting of the board of governors of the bank in Abuja.

She succeeds her counterpart from the Republic of Niger, Hassoumi Massoudou.
At the opening session of the meeting, Mrs. Adeosun proffered ways the
15-member countries of ECOWAS could promote regional integration and
inclusive development in the sub-region.

These include embracing a new development model that promotes inclusive
economic growth; radical economic transformation to better the lives of
all citizens in the region, and prioritising industrialisation,
especially through labour intensive manufacturing to promote job
creation for citizens.

Others include conscious emphasis on agriculture to improve food
security; boosting the ocean economy in the region and deliberate effort
to promote regional integration among member countries.
The meeting, which was declared open by Vice President Yemi Osinbajo,
was attended by the ministers of finance and members of the board of the
banks from Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia,
Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal,
Sierra Leone and Togo.

Mrs. Adeosun noted that past economic growth in the region was not
inclusive and called for a new model that would ensure opportunities are
shared and enjoyed by more citizens.
The minister, who observed that the ECOWAS’ vision for economic
development was facing challenges, said the meeting was a good
opportunity to discuss the various issues and come to a consensus on the
way forward.

She urged her counterparts in the region to endeavour to speak about
radical economic transformation of their economies to guarantee better
life for all citizens in the region.
Besides, she said, prioritising industrialisation and agricultural
development would promote job creation as well as ensure improved food
security.

“Potentially, these areas also provide investors with profitable investment opportunities in our community.

Equally critical is the work that is being done to promote regional integration in our sub-region,” she stated.

Mrs. Adeosun cited the example of Nigeria, which she pointed out was
already making efforts to radically transform her economy, by attempting
to shift emphasis away from oil as the main source of revenue.

“Diversification and domestic resource mobilisation through improved tax revenue are therefore ongoing,” she said.

If adopted, she said diversification policy would have significant impact on the regional economy.
Again, she emphasised the need for infrastructure development, pointing
out that it remained top on the agenda to ease movement of goods, people
and services across the region.

She said generation of power would not only light up Africa, but would also enhance industrialisation.

Mrs. Adeosun used the occasion to underscore the significance of
finance, arguing that for the region to realise its vision, member
countries would need to mobilise appropriate domestic and external
financial resources to support EBID and strengthen developmental
partnerships and collaborations.
The EBID is a financial institution established by member states of the ECOWAS with headquarters in Lome, Togolese Republic.

The Bank was established to promote private sector and development of
the public sector and contribute to the economic development of West
Africa through the financing of projects and programmes, particularly
those related to transport, energy, telecommunications, industry,
poverty alleviation, the environment and natural resources.