Empowering SMEs: Unlocking Opportunities Through ECOWAS Trade Liberalisation
EDITOR
In a call to action, the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, has urged Small and Medium Enterprises (SMEs) in Nigeria to harness the potential of the ECOWAS Trade Liberalisation Scheme (ETLS) to expand their footprint across West Africa. This call was made during a one-day sensitisation workshop aimed at demystifying the participation modalities in the ETLS, held at the International Conference Centre in Enugu.
The ECOWAS Trade Liberalisation Scheme, designed to enhance regional integration and promote cross-border trade, offers an invaluable opportunity for SMEs to thrive in a market that encompasses 15 member countries. Ambassador Ojukwu emphasised that this initiative goes beyond mere trade policies; it seeks to transform the entrepreneurial landscape in Nigeria, turning local ingenuity into regional competitiveness.
“For us, regional integration is about people and opportunities. We envision a West Africa where entrepreneurs from every region can excel without limitations,” she stated, as she underscored the strategic importance of cultivating an environment where local SMEs can flourish not just in Nigeria, but in the broader West African marketplace.
The workshop’s significance was amplified by the choice of Enugu as its venue. The state, known for its rich history of commerce, has become a beacon of economic transformation in Nigeria’s Southeast region. “SMEs are the engine room of our economy,” Ambassador Ojukwu said, underscoring the critical role they play in generating employment and stimulating innovation.
Dr Peter Mbah, the governor of Enugu State, echoed this sentiment while advocating more governmental support to bolster the growth of local SMEs. He lamented the struggles many small industries face due to stringent financial requirements from banks, which often demand collateral before offering loans. “Many entrepreneurs find themselves stifled by high-interest rates and poor power supply,” he asserted, calling for a collaborative effort to dismantle these barriers.
Governor Mbah represented at the event by the deputy governor, Ifeanyi Ossai, appealed to the federal government to reconsider its funding framework, advocating for new strategies to support SMEs without relying solely on commercial banks. His remarks underscore a crucial point: local businesses need equitable access to resources to compete effectively with counterparts from other ECOWAS countries.
The significance of this workshop extended beyond immediate discussions; it set the stage for larger strategic visions for the region. As highlighted in the session, the ECOWAS Trade Liberalisation Scheme is not merely a technical provision—it is a strategic asset for West Africa’s integration agenda. Its successful implementation could pave the way for a more unified economic landscape across member states, aligning with the broader ambitions of the African Continental Free Trade Area (AfCFTA).
A strong sentiment shared among participants was the urgent need to democratise business opportunity. The workshop sought to equip SMEs with essential knowledge, skills, and connections to transcend local boundaries and embrace the vast West African market.
Humphrey Ngonadi, president of the Southeast Chambers of Commerce, Industry, Mines, and Agriculture (SECCIMA), pledged to propagate the workshop’s messages to all 17 city chambers in the region, ensuring that every business operator was informed about the benefits of the ETLS. “We are committed to making this initiative accessible to our members and ensuring we all benefit from the collective opportunities presented,” he said.
Furthermore, Sir Odeiga Jideonwo, president of the Enugu Chamber of Commerce, Industry, Mines, and Agriculture (ECCIMA), recognised the initiative as a watershed moment for southeast businesses, asserting that it would facilitate greater access to ECOWAS markets.
The event, a collaboration between the Ministry of Foreign Affairs, ECOWAS, and the Enugu State Government, attracted policymakers, business leaders, and trade experts who collectively explored innovative strategies for enhancing SME participation in regional trade. As Nigeria strives for regional leadership within the ECOWAS framework, workshops like this highlight a national commitment to fostering an enabling environment for SMEs.
In this globalising economy, success will not merely be dictated by large corporations or capital cities; it will hinge on the capacity of local entrepreneurs to forge networks and seize opportunities that the ECOWAS Trade Liberalisation Scheme presents. Through collaboration, knowledge sharing, and collective action, Nigeria’s SMEs are now poised to play a pivotal role in West Africa’s economic renaissance.
The time to act is now; the opportunities are ripe, and the potential of SMEs to transform the economic landscape of West Africa is limitless. With the right support and commitment, the horizon looks promising for all aspiring entrepreneurs ready to take on the challenge.
EDITOR
Sam Udekwe is a journalist working in the News and Current Affairs department, Enugu State Broadcasting Service (ESBS) Enugu. He is well trained in all genres of journalistic venture.
Mr Sam read Mass Communication, graduating all with Distinction in National Diploma, Higher National Diploma and Postgraduate Diploma at IMT, Enugu and Madonna University, Okija, Anambra state, as well as M.Sc Mass Communication with Second Class(Upper Division) at National Open University of Nigeria.
He is the immediate past NUJ Chairman, Enugu state.
samowailo@gmail.com
