Adeosun appointed board chairperson of ECOWAS Bank for Investment and Development

Nigeria’s Minister of Finance, Kemi Adeosun, has been appointed the chairperson, board of governors of Economic Community of West African States (ECOWAS) Bank for Investment and Development.

Adeosun succeeds Hassoumi Massoudou from the Republic of Niger during the 15th ordinary meeting of the board of governors which held on Tuesday.

The meeting, which was declared open by Vice President of Nigeria, Yemi Osinbajo, was attended by the ministers of finance and members of the board of the banks from Benin, Burkina Faso, Capo Verde, Côte d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.

According to The Cable, Adeosun said while addressing the attendees that economic growth in West Africa was not inclusive. She added that the 15-member countries need to embrace a new development model that promotes inclusive economic growth, radical economic transformation to better the lives of all citizens in the region, and prioritising industrialisation, especially through labour-intensive manufacturing to promote job creation.

She said a conscious emphasis on agriculture to improve food security, boosting the ocean economy in the region and deliberate effort to promote regional integration among member countries are also necessities.

Using Nigeria as an example, Adeosun said diversification policy will have a significant impact on the regional economy adding that infrastructural development is key as it would ease the movement of goods, people, and services across the region.

The bank whose headquarters is located in Lome, Togo, was established by member states of the ECOWAS.