Alongside the current road network, the ECOWAS Small Business Coalition (ESBC), representing Micro, Small, and Medium-Sized Enterprises (MSMEs) in the area, has advocated constructing a railway corridor connecting all member nations.
The proposition was presented after their first exhibition and workshop, which was held from November 21 to November 23 in Abidjan, Ivory Coast.
The event, which the ESBC arranged in collaboration with the ECOWAS Commission and the Ministry of Commerce and Industry of Ivory Coast, brought together small business owners from around the region, according to the News Agency of Nigeria (NAN).
The alliance emphasized how difficult it is for SMEs in the ECOWAS subregion to transport goods and services.
They underlined the necessity of improving product and people movement, communication, and understanding cross-border trade commitments.
Although ECOWAS has affirmed that people and commodities can transit freely under current procedures, it made it clear that formalities and customs charges must still be followed.
Resolving Trade And Transportation Obstacles
According to NAN, ESBC members offered a variety of solutions to transportation-related issues at the meeting.
They demanded an end to corruption and cross-border harassment, which they blamed on the introduction of needless tariffs.
They also recommended that local Small Business Coalitions (SBCs) be given the authority to grant entrepreneurs certificates of origin to expedite trade procedures.
In order to improve SBCs’ ability to assist SMEs, the alliance also suggested creating online training platforms.
Ideas For Enhancing Information And Funding Accessibility
- The alliance also emphasized the significance of information access for SMEs’ success and encouraged them to utilize frameworks like the ECOWAS and the African Continental Free Trade Area (AfCFTA).
- They demanded that more people be aware of these programs that assist SMEs in overcoming trade obstacles.
- Additionally, according to sources, the coalition emphasized the necessity of ECOWAS-wide fiscal policy harmonization and counseled SMEs to select appropriate business models and seek advice from consulting firms for improved direction.
Sustainable Development And Innovation For SMEs
- The coalition also discussed how the region’s SMEs must be more innovative and sustainable to become more competitive.
- To assist companies in expanding internationally, they suggested training programs emphasizing certification, effective technology transfer, and more research.
- The group noted that although SMEs have financing options, many small enterprises find it difficult to obtain these funds because of a lack of resources and a low absorption capacity.
- In response, they recommended concentrating on advancing fresh business concepts appropriate for African conditions and drawing inspiration from the economic growth strategies of the BRICS countries.
Future Plans To Support SMEs
- To help SMEs in the area even more, ESBC suggested a number of measures.
- These included building a specialised bank for financing SMEs, creating an ESBC television network to increase awareness, and formulating plans to promote a single currency throughout ECOWAS.
- In order to enhance logistics, they also demanded the opening of international shipping lines and the abolition of financial and customs restrictions. The group suggested improving landlocked countries’ access to ports to meet their demands.
- The ESBC concluded that much more needs to be done to improve the growth and competitiveness of SMEs in the ECOWAS region, especially in financing, innovation, and facilitating cross-border commerce.
