Wednesday, 6th of November was the day dedicated to Nigeria at the ongoing 7th Economic Community of West African States Trade Fair declared opened on the 31st October by President of the ECOWAS Commission, His Excellency Kadre Desire Ouedraogo, with the theme “Regional Integration through Trade”, to showcase to potential investors, the investment opportunities in Nigeria.

Nigeria High Commissioner, Ambassador Oluseyi Onafowokan, who chaired the well-attended lecture at the Ghana Trade Fair Complex bemoaned the ineffectiveness of ECOWAS protocol and objectives, which he said has not to a large extent foster relationship between the ECOWAS member countries through trade, compared to other European countries, who enjoined more, the benefits of ECOWAS members countries importation from their countries.

Ambassador Onafowokan, who in his address depict through a chart statistics the level of sharp contrast between the rate at which ECOWAS member countries trade within themselves and the robust trade exchanges between Western countries.

“It is also instructive to note that Nigeria trade activities (Import and Export in all products) amongst ECOWAS Member State compared with the rest of the world are even more challenging.

"As recorded by ITC in the Trade Map Statistics, about 2.36% and 2.85% of Nigeria export in the year 2010 and 2011 respectively went to ECOWAS Member State as against 97.64% and 97.15% that went to the rest of the world, with western countries taken the lion share. The same repeats itself on import side. I have no iota of doubt that similar scenario played itself out in the trading activities of other ECOWAS Member States, thus indicating that the region is far from economic integration, a major pillar of the objectives of the ECOWAS Community,” he posited.

The trade trend, he said, no doubt, is impacting negatively on individual and collective socio-economic development of ECOWAS Member State as the abundant resources (natural and human) are practically been transferred to the developed world of the West and East to further develop their respective economies,” generating employment for their people and pauperizing our sub-region.”

Identifying the challenges contributing to intra-community trade within ECOWAS member countries, Ambassador Onafowokan pointed out that inadequate investment in infrastructural facilities such as rail, marine, and air transportation is creating huge problems in the movement of goods and human beings.

“The deficiency in this sector makes it easier to import and export products to United Kingdom from Nigeria than to do similar business with Senegal.” He expressed concern for non-respect of agreed protocols. According to him, the signed protocols on ECOWAS Trade Liberalization Scheme (ETLS) and free movements of goods and people are best respected in violation by member state.

“Companies and products that are registered under the ETLS are made to pay import duties. Similarly, goods and people travelling through the land borders are made to face extremely difficult and in some cases impossible situation. And this can only be a thing of the past if only there’s a political will.”

He stated that attachment to colonial masters and discriminatory policies are among the factors detriment to intra-community relations; “it posed serious challenges to our socio- economic and political development.“

Ambassador Onafowokan, therefore, extend Nigeria’s sincere appreciation to ECOWAS Commission for organizing the trade fair, and reiterated Nigeria government’s commitment to continue promoting the spirit of community co-operation and ensure that ECOWAS dreams are realized.

The lecture which was sponsored by Nigerian Export Promotion Council (NEPC) and Nigeria Export Processing Zones Authority also had guest speakers from Nigeria Investment Promotion Council (NIPC), Engr Mustafa Bello Executive/CEO of (NIPC) who spoke on Climate and investment Opportunities in Nigeria, while Managing Director of Nigeria Export Processing Zone Authority (NEPZA) Mr. Gbbenga Kuye, represented by Engr Kola Lawal educated the audience on Investment Opportunities and Challenges in Free Trade Zones in Nigeria.

The 2013 7th biennial ECOWAS trade Fair currently have twelve ECOWAS Member countries partaking in it, along with hundreds of companies, traders, manufacturers, investors and industrialists who are showcasing their products and services during the two-week regional fair.

The ECOWAS Trade Fair is designed to be an economic platform for accessing West Africa's potential market of some 300 million consumers.

The fair objective is to promote economic integration and trade among citizens in Member States, especially industrialists, investors, manufacturers, commercial operators and buyers, Government and non-governmental agencies as well as to boost intra-community trade which presently hovers between 11 and 15 percent, and thereby contributing to the improved implementation of the ECOWAS Trade Liberalization Scheme (ETLS).

The fair also contributes to empowering local producers and stimulates the regional economy.