Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf M. Tuggar, has issued a compelling call for the private sector to take the lead in transforming Africa’s economic landscape through increased intra-African trade.

Speaking at the Private Sector Roundtable ahead of the West Africa Economic Summit (WAES), held at the Metropolitan Club in Victoria Island, Lagos, Tuggar underscored the urgency of regional economic integration, stressing that the private sector is no longer a side player but a central force in Africa’s development.

“This is the period in which the voice of business is not merely recognised at the margins, but is systematically institutionalised within the core processes of policy formulation and regional economic diplomacy,” Tuggar told a gathering of business leaders, diplomats, and policymakers.

“It reflects a deeper entanglement of corporate interests and statecraft, wherein the private sector emerges not as a peripheral stakeholder but as a central architect of economic governance frameworks.”

Tuggar painted a clear picture of the stakes involved, citing sobering statistics: intra-African trade represents just 15 percent of total trade on the continent, with West Africa’s share dipping even lower, between 12 and 13 percent.

In stark contrast, intra-regional trade stands at about 60 percent in Asia and nearly 70 percent in Europe.

He made it clear that the challenges hindering West Africa’s economic integration are not about potential, which the region has in abundance, but about infrastructure, policy coordination, and the absence of long-term political commitment.

“The challenge lies not in envisioning a prosperous, interconnected region, but in establishing the institutional mechanisms, logistical frameworks, and governance consensus required to actualise that vision,” Tuggar said.

Despite the obstacles, Tuggar acknowledged encouraging developments such as the ECOWAS Trade Liberalisation Scheme, the Abidjan-Lagos and Abidjan-Dakar transport corridors, SIGMAT, the West African Power Pool, and the African-Atlantic Gas Pipeline.

“These are not just abstract ideas, they are West-African-led initiatives that will prove advantageous to businesses across the sub-region in the near future,” he noted.

He also warned of the dangers posed by rising global protectionism and the reordering of global tariff systems, arguing that these shifts make regional collaboration more urgent than ever.

“In a world witnessing protectionist tendencies from global market leaders, it is only right that neighbours and regional blocs align for the common good of their people,” Tuggar said.

“The West African response must be clear and deliberate, not reactionary and disjointed. That is why WAES is a timely and strategic platform.”

The West Africa Economic Summit, scheduled for June 20–21, 2025, in Abuja, is a flagship initiative endorsed by President Bola Ahmed Tinubu and backed by other West African leaders.

According to Tuggar, the aim is to transition the region from dependency to productivity and from fragmented markets to unified value chains.

“The idea is to use our size to generate efficient productivity in order to outcompete others in the global market,” he said.

“A broader West African market will drive down costs and enable our businesses to scale up and compete internationally.”

The Minister emphasized that WAES will bring together Heads of State, Ministers, investors, and key private sector stakeholders, all at one table.

He stressed that the involvement of the business community in policy discussions is essential.

“When we succeed in integration, when we improve on policy predictability, secure property rights, and the effectiveness of contracts, investors will come,” Tuggar stated.

“This is the largest market on the continent, and it must be leveraged.” He encouraged private sector players to speak up and participate actively during the summit.

“We’re bringing along the decision makers to hear directly from you, to understand the challenges, identify the low-hanging fruits, and even resolve some issues on the spot,” he explained.

“Sometimes it just takes one phone call. We are serious about removing barriers to business so that commerce can thrive. It’s not just about size, it’s about scale, the kind of scale West Africa provides.”

Tuggar also praised Nigerian businesses already making strides across the region in sectors like banking, cement, fertilizer, fintech, and startups, saying they are living proof that cross-border operations are both viable and beneficial.

He concluded by emphasizing that regional integration must be a collective effort, not a solo venture.

“Let’s not forget, it’s not just Nigerian policymakers involved. Policymakers from other countries are also on board. Heads of State will be there. So let’s work together to resolve the problems and build an integrated, competitive West African economy.”

As anticipation grows ahead of the June summit, Tuggar’s message was unambiguous: the future of Africa’s economic strength lies in unity, and the private sector must be the engine that drives it forward.