President Bola Tinubu has called on West African nations to break free from the long-standing dependency on exporting raw minerals, a pattern he labelled the “pit-to-port” model — and instead focus on building regional value chains, investing in local processing, and boosting manufacturing and innovation.
Speaking at the inaugural West Africa Economic Summit (WAES) on Saturday at the Bola Ahmed Tinubu International Conference Centre in Abuja, the Nigerian leader emphasized the urgent need for economic transformation across the subregion.
“The era of pit-to-port must end,” Tinubu declared. “We must turn our mineral wealth into domestic economic value, jobs, technology, and manufacturing. To be resource-rich is not enough — we must become value chain smart and invest in local processing and regional manufacturing.”
The summit, initiated by Tinubu in his role as Chairman of the ECOWAS Authority of Heads of State and Government, precedes the 67th Ordinary Summit of ECOWAS, scheduled for Sunday at the State House Conference Centre, Abuja.
Aimed at deepening regional economic integration and enhancing trade and investment cooperation, WAES brought together West African leaders and economic stakeholders to align on actionable strategies for growth.
In his keynote address, President Tinubu expressed concern that intra-regional trade in West Africa remains below 10%, blaming poor coordination rather than a lack of political will.
“Opportunity alone does not guarantee transformation. The global economy will not wait for West Africa to organise itself — nor should we. Rather than competing in isolation or depending on external actors, we must strengthen regional value chains, invest in infrastructure, and harmonise our policies,” he urged.
Tinubu identified West Africa’s young population as a vital asset that must be equipped through investment in education, digital infrastructure, and entrepreneurship.
“Our prosperity depends on regional supply chains, energy networks, and data systems. We must design them together, or they will collapse separately,” he warned.
Highlighting key infrastructure and regional initiatives such as the Lagos–Abidjan highway, the West African Power Pool, and creative industry programmes, the president called for a shift from policy declarations to concrete implementation.
“Europe left Africa behind in previous industrial revolutions. We cannot afford to be left behind again,” Tinubu said. “Rare minerals may power tomorrow’s technologies, but without a thriving entrepreneurial class and market-friendly policies, we will not reach our potential.”
He concluded with a rallying call for practical solutions:
“Let us build a West Africa that is investible, competitive, and resilient — one that leads with vision. We must improve the ease of doing business, enhance trade, strengthen infrastructure, and develop innovative ideas that uplift our people from poverty to prosperity.”
The summit was attended by the Presidents of Ghana, Liberia, Sierra Leone, Senegal, The Gambia, Benin, Togo, and Guinea-Bissau. Ministers of finance, trade, infrastructure, and foreign affairs from ECOWAS Member States were also present, alongside representatives from major regional institutions including the West African Monetary Agency (WAMA), West African Monetary Institute (WAMI), ECOWAS Bank for Investment and Development (EBID), West African Economic and Monetary Union (UEMOA), and the AfCFTA Secretariat.
The forum also drew participation from private sector leaders, development partners, and policy experts. Concrete outcomes from the summit are expected to accelerate West Africa’s integration agenda, which is seen as vital for sustainable peace, security, and economic prosperity.
President Tinubu also extended an invitation to the Alliance of Sahelian States and Mauritania to join in future engagements, emphasizing a broader vision for inclusive regional cooperation.
