The Economic Community of West African States (ECOWAS) has named Nigerian industrialist Alhaji Aliko Dangote as the inaugural Chairman of the newly created ECOWAS Business Council (EBC), a strategic body designed to strengthen private sector contribution to regional development.
The announcement was made by Dr. Omar Touray, President of the ECOWAS Commission, during the 95th Ordinary Session of the ECOWAS Council of Ministers held on Wednesday in Abuja. The appointment marks a major step in ECOWAS’ push to deepen economic collaboration within the West African sub-region by leveraging local business expertise and investment capacity.
A Private Sector-Driven Council for Regional Growth
The ECOWAS Business Council is envisioned as an autonomous, private sector–led platform tasked with promoting economic integration, enhancing cross-border trade, and mobilizing investment across West Africa. According to Dr. Touray, the formation of the council reflects ECOWAS’ renewed commitment to engage business leaders directly in its development agenda.
He noted that Dangote’s selection was based on his unparalleled business footprint not only within ECOWAS member states but across the entire African continent. The Dangote Group, with major interests in cement production, agriculture, oil refining, and manufacturing, is regarded as one of Africa’s most influential conglomerates.
Regional Capital, Not External Aid, Is the New Focus
Dr. Touray emphasized that ECOWAS is shifting its economic strategy from reliance on foreign capital to empowering homegrown investors. This shift, he said, is already being demonstrated through major investment fora recently held across the region, including the Forum Sénégal Invest, the West African Economic Summit in Nigeria, and Côte d’Ivoire’s “Invest in District Savanes” event.
“These vibrant investment activities show that our region has the capacity to finance its own development,” he said. “Rather than depending on unstable foreign investments, it is time to mobilize the wealth and entrepreneurial strength within West Africa.”
Touray expressed confidence that business leaders like Dangote can chart a new path for the region if provided with the appropriate support and policy environment.
EBC to Serve as a Voice for Regional Private Sector
With the establishment of the EBC, ECOWAS aims to create a formal platform where leading private sector actors can collaborate with policymakers to discuss economic integration, infrastructure gaps, regulatory barriers, and opportunities for investment.
Dr. Touray highlighted that the council will help harmonize economic priorities, foster a more competitive regional market, and accelerate industrial growth across all 15 ECOWAS member states.
The appointment of Dangote—Africa’s richest man and one of its most influential entrepreneurs—signals ECOWAS’ commitment to engaging proven business leaders in shaping the region’s economic future. The council is expected to begin consultations and strategic planning sessions in the coming months.
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