ECOWAS Urges Investment Agencies to Tap Into Diaspora Remittances for Infrastructure Development

The Economic Community of West African States (ECOWAS) has called on Investment Promotion Agencies of West Africa (IPAWAS) to leverage diaspora remittances for infrastructure development across the region.

Dr. Tony Elumelu, ECOWAS Director of Private Sector, made the appeal during a meeting of the IPAWAS Technical Committee in Abuja, emphasizing that mobilizing these funds could help bridge West Africa’s significant infrastructure gap.

“Leveraging remittances could provide much-needed funding for infrastructure projects, especially as member states face increasing financial pressures,” Elumelu stated.

Citing World Bank data, he noted that Ghana, Nigeria, and Senegal collectively received approximately $28 billion in diaspora remittances in 2024, making them among the top ten recipients in Africa. He highlighted that these funds now surpass official development assistance and foreign direct investment as critical external financial inflows.

The meeting also featured a presentation by GIZ, the German international development agency, on unlocking sustainable development opportunities in West Africa. GIZ stressed the need for strategic initiatives to boost regional investment, enhance cooperation, and strengthen regional value chains for economic resilience.

Ahead of the meeting, ECOWAS organized a capacity-building program for IPAWAS Technical Committee members. Delegates, along with experts from the Organisation for Economic Cooperation and Development (OECD), reviewed and adopted training modules for ECOWAS member states.

(NAN)