Accra, July 22, 2024 -The Economic Community of West African State (ECOWAS) plans to pool $38 million to lift Small and Medium Enterprises (SMEs) in member states.
President Bola Ahmed Tinubu, the ECOWAS Chairman, said this on Sunday at the Sixth Mid-Year Coordination Meeting of the African Union (AU)in Accra, Ghana, where he presented some of his achievements as chairman of the regional organisation.
According to a statement issued by Ajuri Ngelale, the Presidential Spokesman, Tinubu also said that additional N140 million would be provided to support solar SMEs
Tinubu said ECOWAS planned to extend the grant to Mauritania, Central African Republic (CAR), Chad and Cameroon through commercial and financial institutions.
“To achieve sustainable electricity access within the ECOWAS and Sahel countries, we will provide a total grant of $38 million to SMEs in member states. An additional loan of $140 million will also be made available to the solar SMEs.
“Within the period under review, ECOWAS has supported experts from member states in international meetings and negotiations on environmental issues, including environmental governance. We provided support to our members in the implementation of the Paris Agreement and the establishment of a regional carbon market.
https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&client=ca-pub-5089981496810613&output=html&h=136&slotname=9061296982&adk=3125641886&adf=3273848438&pi=t.ma~as.9061296982&w=543&abgtt=6&fwrn=4&lmt=1721614803&rafmt=11&format=543×136&url=https%3A%2F%2Fthenationonlineng.net%2Fecowas-raises-38m-grants-to-boost-smes%2F&wgl=1&uach=WyJXaW5kb3dzIiwiMTAuMC4wIiwieDg2IiwiIiwiMTI2LjAuNjQ3OC4xMjgiLG51bGwsMCxudWxsLCI2NCIsW1siTm90L0EpQnJhbmQiLCI4LjAuMC4wIl0sWyJDaHJvbWl1bSIsIjEyNi4wLjY0NzguMTI4Il0sWyJHb29nbGUgQ2hyb21lIiwiMTI2LjAuNjQ3OC4xMjgiXV0sMF0.&dt=1721617627129&bpp=1&bdt=734&idt=862&shv=r20240716&mjsv=m202407150101&ptt=9&saldr=aa&abxe=1&cookie=ID%3Db89ce041dccb9d15%3AT%3D1698304398%3ART%3D1721617903%3AS%3DALNI_MaFh7_1fUOwmT4wqsf698UFyR4ipg&gpic=UID%3D00000cc1cae25919%3AT%3D1698304398%3ART%3D1721617903%3AS%3DALNI_MYsFD84Gq0oabYxYLSFAvRdg8kpgA&eo_id_str=ID%3D4438ec5a96485dac%3AT%3D1721312970%3ART%3D1721617903%3AS%3DAA-Afjakr9SclbyhR-86bY4iSJ1h&prev_fmts=0x0%2C543x136&nras=1&correlator=8276629990994&frm=20&pv=1&ga_vid=1309874245.1698304395&ga_sid=1721617628&ga_hid=1027638509&ga_fc=1&rplot=4&u_tz=60&u_his=2&u_h=768&u_w=1366&u_ah=728&u_aw=1366&u_cd=24&u_sd=1&dmc=4&adx=126&ady=2705&biw=1017&bih=633&scr_x=0&scr_y=200&eid=44759876%2C44759927%2C44759837%2C95334529%2C95334828%2C95337869%2C95338259%2C95336267%2C31078663%2C31078665%2C31078668%2C31078670&oid=2&pvsid=3722173040886500&tmod=772742210&uas=0&nvt=1&ref=https%3A%2F%2Fthenationonlineng.net%2Fgovt-targets-n2tr-in-banks-forex-gain-tax%2F&fc=1920&brdim=220%2C110%2C220%2C110%2C1366%2C0%2C1050%2C728%2C1034%2C633&vis=1&rsz=%7C%7CEebr%7C&abl=CS&pfx=0&fu=128&bc=31&bz=1.02&td=1&tdf=2&psd=W251bGwsbnVsbCxudWxsLDNd&nt=1&ifi=3&uci=a!3&btvi=2&fsb=1&dtd=1254 “With respect to food security, the ECOWAS Bank for Investment and Development (EBID) has approved the instruments to operationalize the Regional Fund for Agriculture and Food (RFAF). A regional food security was developed to achieve self-sufficiency in rice production.
“Furthermore, our support for pastoralism in the Sahel has targeted the improvement of animal health, with a record vaccination of over 490 million livestock. We have established common rules for controlling veterinary medicine products at borders.
“In addition, ECOWAS launched a project for Member States to access the Green Climate Fund. This will promote climate-smart agriculture through the use of technologies.”
https://googleads.g.doubleclick.net/pagead/ads?gdpr=0&client=ca-pub-5089981496810613&output=html&h=136&slotname=9061296982&adk=3125641886&adf=3331460003&pi=t.ma~as.9061296982&w=543&abgtt=6&fwrn=4&lmt=1721614803&rafmt=11&format=543×136&url=https%3A%2F%2Fthenationonlineng.net%2Fecowas-raises-38m-grants-to-boost-smes%2F&wgl=1&uach=WyJXaW5kb3dzIiwiMTAuMC4wIiwieDg2IiwiIiwiMTI2LjAuNjQ3OC4xMjgiLG51bGwsMCxudWxsLCI2NCIsW1siTm90L0EpQnJhbmQiLCI4LjAuMC4wIl0sWyJDaHJvbWl1bSIsIjEyNi4wLjY0NzguMTI4Il0sWyJHb29nbGUgQ2hyb21lIiwiMTI2LjAuNjQ3OC4xMjgiXV0sMF0.&dt=1721617627130&bpp=1&bdt=735&idt=905&shv=r20240716&mjsv=m202407150101&ptt=9&saldr=aa&abxe=1&cookie=ID%3Db89ce041dccb9d15%3AT%3D1698304398%3ART%3D1721617903%3AS%3DALNI_MaFh7_1fUOwmT4wqsf698UFyR4ipg&gpic=UID%3D00000cc1cae25919%3AT%3D1698304398%3ART%3D1721617903%3AS%3DALNI_MYsFD84Gq0oabYxYLSFAvRdg8kpgA&eo_id_str=ID%3D4438ec5a96485dac%3AT%3D1721312970%3ART%3D1721617903%3AS%3DAA-Afjakr9SclbyhR-86bY4iSJ1h&prev_fmts=0x0%2C543x136%2C543x136&nras=1&correlator=8276629990994&frm=20&pv=1&ga_vid=1309874245.1698304395&ga_sid=1721617628&ga_hid=1027638509&ga_fc=1&rplot=4&u_tz=60&u_his=2&u_h=768&u_w=1366&u_ah=728&u_aw=1366&u_cd=24&u_sd=1&dmc=4&adx=126&ady=3189&biw=1017&bih=633&scr_x=0&scr_y=765&eid=44759876%2C44759927%2C44759837%2C95334529%2C95334828%2C95337869%2C95338259%2C95336267%2C31078663%2C31078665%2C31078668%2C31078670&oid=2&pvsid=3722173040886500&tmod=772742210&uas=0&nvt=1&ref=https%3A%2F%2Fthenationonlineng.net%2Fgovt-targets-n2tr-in-banks-forex-gain-tax%2F&fc=1920&brdim=220%2C110%2C220%2C110%2C1366%2C0%2C1050%2C728%2C1034%2C633&vis=1&rsz=%7C%7CEebr%7C&abl=CS&pfx=0&fu=128&bc=31&bz=1.02&td=1&tdf=2&psd=W251bGwsbnVsbCxudWxsLDNd&nt=1&ifi=4&uci=a!4&btvi=3&fsb=1&dtd=3275 President Tinubu highlighted ECOWAS’ support for six-member state in ratifying the World Trade Organisation (WTO) Fisheries Subsidies Agreement and 13-member state in ratifying the AfCFTA agreement.
He also announced the operationalisation of the ECOWAS interconnected System for the Management of Goods in Transit (SIGMAT) in 12-member states, streamlining regional trade.
On the battle against terrorism, Tinubu confirmed the receipt of $4 million support by member states under the ECOWAS Counter Terrorism Humanitarian Response.
The ECOWAS chair also highlighted progress in education, including the establishment of the West African Network of National Academies of Sciences and the African Forum for Research and Innovation, as well as the regional Academic Mobility Scheme.
On health, Tinubu noted ECOWAS’ continued support for women with obstetric fistula, empowerment of women entrepreneurs in agribusiness, and focus on gender equality in education and the green economy.
Tinubu said ECOWAS had allocated $9 million to assist persons of concern, including refugees, internally displaced persons, and asylum seekers.
On energy, mines and agriculture, President Tinubu said ECOWAS is advancing electrification efforts in The Gambia, Guinea Bissau, and Mali through the ECOWAS-Regional Electricity Access Project (ECOREAP).
“It is also implementing the Regional Off-Grid Electricity Access Project (ROGEAP). Thirty-two Solar Off-Grid SMEs have been approved, including nine SMEs led by women. A total of $3 million will be disbursed to finance the SMEs. More than 400 SMEs in 13 countries were trained in 2023 and 2024.”
