ECOWAS Parliamentarians Decry Unstable Policies, Insecurity as Major Job Killers in West Africa

Members of the Economic Community of West African States (ECOWAS) Parliament have expressed grave concern over the devastating impact of unstable government policies and pervasive insecurity on private sector growth and job creation across the sub-region. The lawmakers voiced their concerns during a recent meeting of their Joint Committee on Administration, Finance, Budget, Public Accounts, Macroeconomic Policy, Economic Research, Industry, and the Private Sector, which concluded in Monrovia on Friday.

The ECOWAS Parliamentarians identified several critical challenges hindering economic development and employment opportunities, including inconsistent government policies, inadequate electricity supply, an unconducive business environment, and widespread insecurity. These factors, they argued, collectively stifle investment and entrepreneurial activities, leading to significant job losses, particularly among the region’s burgeoning youth population.

Senator Osita Izunaso, a Nigerian MP, specifically highlighted the perennial lack of reliable power supply as a major impediment to the private sector. He questioned how industrialists can plan and operate profitably when faced with energy instability and the high cost of alternative power sources like diesel and petrol. Senator Izunaso also pointed out the sub-region’s human capital deficit, stressing the scarcity of quality manpower needed to drive economic growth, and suggested refocusing on vocational training and human capital development. He further emphasized the need for a stable legal framework to provide investors with certainty, and underscored insecurity as one of the biggest challenges for private sector growth and job creation.

Another Nigerian lawmaker, Senator Sharafadeen Abiodun, expressed dismay over the deep-seated fear prevalent among West African youth regarding their future. He attributed this apprehension to economic instability, currency fluctuations, and, critically, the unstable policies that have plagued ECOWAS member states for years. MP Zakariya Nyampa called for affordable and closely monitored policies, acknowledging the widespread corruption that often hampers effective implementation.

The Parliamentarians proposed several measures to address these challenges. They emphasized the need to strengthen financing mechanisms for small and medium-sized enterprises (SMEs), improve overall business environments, and promote high-employment-potential sectors such as industrial agriculture, renewable energy, and digital technologies. There was also a call to strike a balance in incentives offered to foreign investors, ensuring local companies are not disadvantaged, and to accelerate the harmonization of investment laws across member states to create a single economic space.

The discussions underscored the urgency for ECOWAS member states to implement reforms, enhance regional collaboration for a unified investment climate, and prioritize investments in job-rich sectors to tackle the region’s high unemployment rates and foster sustainable economic inclusion.