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

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.

Mrs Adeosun emerged as the Chairperson at the end of the 15th Ordinary Meeting of the board of governors of the bank in Abuja, taking over from her counterpart from the Republic of Niger, Hassoumi Massoudou.

The minister proffered ways the 15-member countries of ECOWAS could promote regional integration and inclusive development in the sub-region during the meeting.

Some of the ways she proffered 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 prioritizing industrialisation, especially through labour intensive manufacturing to promote job creation for citizens.

Others include a 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. She 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 meeting was a good opportunity to discuss the various issues and come to a consensus on the way forward as the minister observed that the ECOWAS’ vision for economic development was facing challenges.

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, prioritizing 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 also 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.