FG urges South East Entrepreneurs to embrace ECOWAS Trade scheme
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The Federal government has urged the business community in the south east to avail themselves the opportunity the Economic Community of West African States (ECOWAS) Trade Liberalization Scheme (ETLS) to boost international trade of their products.
The ETLS is a trade instrument established in 1979 by the ECOWAS as a cornerstone for regional integration within the region to promote intra-regional trade and allows for duty-free access to markets for products certified as origination within the ECOWAS region.
Speaking in Enugu on Tuesday at a one day workshop on modalities for participation in the ETLS scheme, organised the Ministry of Foreign Affairs ECOWAS National Unit in conjunction with the Enugu State Government, the Minister of state for Foreign Affairs, Her Excellency, Amb. Bianca Odumegwu Ojukwu, said that the work was a timely one aimed at regional integration through trade.
Ojukwu pointed out that SMEs were the bedrock of business growth and should be assisted to thrive.
”This initiative is timely, as it speaks directly to the urgent task before us, which is to deepen regional integration, expand cross-border trade, and empower our Small and Medium Enterprises (SMEs), to enable them to take their rightful place in the vast West African market,” she said.
She pointed out that SMEs remain the engine room of Nigeria economy, generating employment, stimulating innovation, and drives inclusive prosperity.
Amb Ojukwu noted that strengthening the SMEs is not merely a local concern but a regional imperative which the south east stands as a model for how to align local dynamism with continental ambitions.
”The ECOWAS Trade Liberalization Scheme is not just a technical instrument, it is a strategic pillar of West Africa’s integration agenda. As the oldest operational trade policy of ECOWAS, it underpins the free movement of goods and services, complements the Protocol on Free Movement of Persons, and anticipates the broader framework of the African Continental Free Trade Area (AfCFTA).”
In essence, ETLS is both a gateway and a test case for Africa’s economic renaissance.
”For Nigeria, as the largest economy in the region, leadership in this process is not optional, it is expected. Yet, the true measure of success lies not in Abuja or Lagos alone, but in how effectively local entrepreneurs, our traders, manufacturers, and innovators, are enabled to compete and thrive regionally. This workshop, therefore, is about democratizing opportunity, equipping SMEs with the knowledge, skills, and networks to transcend local boundaries and embrace the wider West African market,” she explained.
The ministry frowned that despite its great promise, the ETLS remains underutilized as many stakeholders including Small and Medium Enterprises (SMEs), traders, as well as the public sector are unaware of the Scheme, its benefits, eligibility criteria, and implementation processes.
”The objective of the ETLS Sensitization programme in the south east is to promote understanding on the ETLS and to engage targeted stakeholders on how best to leverage on the scheme.
Governor Peter Mbah, represented by his Deputy, Ifeanyi Ossai appealed to the Federal Ministry of Foreign Affairs, FMFA, and financial institutions to protect local industries to thrive and be positioned to compete with other ECOWAS subregion.
Mbah lamented that many small scale industries were not growing because they find it difficult to get financial assistance since financial institutions such as NEXIM, Bank of Industries and Bank of Agriculture, demand collateral before granting loans.
Mbah noted that for there to be a trade Liberalisation, bottlenecks that impede trade expansion has to be removed such as high interest on loan and collateral before credit facility is granted.
He regretted that in the time past, companies were doing well, trade was blossoming as Peugeot was producing in Kaduna, shoes were made in Aba and ANANMCO and other companies were thriving but now all seem to have nosedived.
