Monrovia: ECOWAS Parliamentarians (MPs) have proposed measures aimed at addressing the challenges facing private sector growth and job creation in the subregion. The lawmakers made this known at the end of a meeting of their Joint Committee on Administration, Finance, Budget, Public Accounts, Macroeconomic Policy, Economic Research, Industry, and the Private Sector on Friday in Monrovia. They listed the challenges to include unstable and inconsistent government policies, inadequate electricity supply, unconducive environment, and pervasive insecurity, among others.

According to News Agency of Nigeria, participants emphasized the need to strengthen financing mechanisms for small and medium-sized enterprises (SMEs), improve business environments, and promote high-employment-potential sectors like industrial agriculture, renewable energy, and digital technologies. Sen. Osita Izunaso highlighted the perennial lack or inadequate power supply faced by the private sector in member countries as a major hindrance to sector growth and regional economic development.

Sen. Izunaso posed questions about how private sector players can plan when uncertain about government policies, and he emphasized the ongoing challenges with power supply, including reliance on diesel and petrol. He also expressed concerns about the ability of industrialists to manage operational costs while remaining profitable. The senator further noted the region's human capital deficit as a formidable obstacle to economic growth and mentioned ECOWAS Parliament's efforts to address this through vocational training and human capital development.

Izunaso stressed the need for a stable legal framework to provide investors with certainty in the law and identified insecurity as a significant challenge to private sector growth and job creation in West Africa. Sen. Sharafadeen Abiodun expressed concern over the fear among the youth regarding their future, which he attributed to economic instability, currency fluctuations, and unstable policies in ECOWAS member states.

Abiodun criticized the incentives extended to foreign investors at the expense of local companies and urged governments to balance foreign investment with stable foreign policy. MP Zakariya Nyampa called for affordable and monitored policies, considering the widespread corruption in implementation. He lamented the decline in youth interest in vocational skills like welding and carpentry, which are essential for daily needs and income generation.

Nyampa encouraged youth to explore these trades alongside technology and ICT, and he emphasized the importance of government protection for citizens' investments and labor. The News Agency of Nigeria reports that the five-day event, which concluded on Friday, focused on the effectiveness of ECOWAS's investment policies and their impact on job creation in the region. This aligns with ECOWAS's ongoing efforts to reduce unemployment rates, particularly among youth, and foster inclusive growth in West Africa.