Kemi Adeosun, minister of finance, has been appointed the chairperson, board of governors of Economic Community of West African States (ECOWAS) Bank for Investment and Development.
Adeosun, who succeeds Hassoumi Massoudou from the Republic of Niger, was appointed after the 15th ordinary meeting of the board of governors which held on Tuesday.
The meeting, which was declared open by Yemi Osinbajo, vice president of Nigeria, was attended by the ministers of finance and members of the board of the banks from Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.
In her speech at the meeting, Adeosun said economic growth in West Africa was not inclusive and listed ways that the 15-member countries could promote inclusive development in the region.
They include embracing a new development model that promotes inclusive economic growth, radical economic transformation to better the lives of all citizens in the region, and prioritising industrialisation, especially through labour-intensive manufacturing to promote job creation.
Others are a conscious emphasis on agriculture to improve food security, boosting the ocean economy in the region and deliberate effort to promote regional integration among member countries.
“Potentially, these areas also provide investors with profitable investment opportunities in our community. Equally critical is the work that is being done to promote regional integration in our sub-region,” the minister said.
Using Nigeria as an example, Adeosun said diversification policy will have a significant impact on the regional economy adding that infrastructural development is key as it would ease the movement of goods, people, and services across the region.
The bank was established by member states of the ECOWAS and the headquarters is located in Lome, Togo.