The initiative, led by Sierra Leone’s President Julius Bio and Chairman of Heirs Holdings, Tony Elumelu, has so far identified 26 projects valued at more than $10 billion from over 10 countries, following the assessment of 170 submissions.
The portfolio is expected to grow to at least $15 billion by the summit scheduled for November 17 and 18 in Sierra Leone, with the organiserspledging to track whether the proposed investments translate into actual capital flows, a statement said.
The development emerged from the second meeting of the WAIIS Private Sector Advisory Board held in Lagos, attended by leading business executives, development finance institutions and Lagos State Governor Babajide Sanwo-Olu.
The meeting focused on mobilising private capital for regional integration, with particular emphasis on energy trade and industrialisation, strategic minerals, agribusiness and digital transformation.
Speaking at the meeting, Bio said West Africa needed to move beyond decades of discussions about regional cooperation and build a functioning common market capable of serving more than 400 million people.
“West Africa is very serious about the Economic Community of West African States (ECOWAS) and ECOWAS has been around for 50 years. But in those 50 years we have not done enough to integrate and build a consolidated market,” he said.
The Sierra Leonean president urged business leaders to help turn the region’s economic potential into viable investments, stressing the need to connect investors with projects and identify the financing and policy changes required to move them forward.
He called on the advisory board to “transform ideas into partnerships, partnerships into investments, and investments into lasting prosperity for our continent”.
Elumelu, who co-chairs the board, said Bio had sought to make his leadership of the ECOWAS count by bringing together the region’s leading investors to support economic transformation.
He said the initiative was intended to move beyond discussions and encourage businesses to work collectively across national borders to create jobs and expand economic opportunities.
“We are happy that our political leaders are beginning to bring all of us together so that we can be much more impactful. Today is about the talk that leads to action,” Elumelu said.
“No one in this sub-region needs to be poor. We have all it takes to be prosperous, and we hope this marks the beginning of that prosperity for all,” he added.
The private sector leaders also stressed that the success of the initiative would depend on the ability of governments to provide policy certainty, efficient regulation and security to encourage long-term investment.
Sanwo-Olu, who attended the meeting, said governments had a responsibility to create an environment in which businesses could invest and operate across the region with fewer restrictions.
“When we create that single platform where we can integrate and work together, then investors can come in. At the end of the day, it is business to business,” he said.
He added that political leaders needed to provide the assurances and enabling environment required for businesses to expand across West Africa.
The advisory board includes some of the region’s most prominent business leaders and financial institutions, among them Aliko Dangote, Abdul Samad Rabiu, Folorunso Alakija, Wale Tinubu, the Africa Finance Corporation (AFC), Afreximbank, Africa50 and the Central Bank of West African States.
Speaking on the investment pipeline, WAIIS Special Envoy, KandehYumkella, said the organisers had received 170 project submissions and selected 26 opportunities worth more than $10 billion.
