(DDM) – The Economic Community of West African States (ECOWAS) has launched the ECOWAS Business Council and appointed Nigerian billionaire industrialist Alhaji Aliko Dangote as its pioneer chairman in a major step aimed at strengthening private-sector participation in regional economic growth and integration.
DDM gathered that the announcement was made on Wednesday in Abuja at the opening of the 95th Ordinary Session of the ECOWAS Council of Ministers, where ECOWAS Commission President Dr. Omar Alieu Touray briefed member states on the new initiative.
The ECOWAS Commission explained that the Business Council is designed to reduce the region’s reliance on foreign direct investment by encouraging stronger capital flows from within West Africa.
Dr. Touray said Dangote was chosen due to his extensive economic footprint, vast business experience and decades-long investments across multiple West African markets.
He described the Council as a permanent platform for collaboration and dialogue between the private sector, national governments and ECOWAS institutions.
Touray emphasized that, based on Dangote’s record of large-scale industrial investment, private-sector actors could “lead the way in the development of our Community, if given the right incentives and opportunity.”
The Council is expected to promote intra-regional investment, mobilize capital for key development projects and support broader ECOWAS goals on economic integration, industrialization and sustainable development.
Dangote, who heads the Dangote Group and the newly operational Dangote Refinery, remains the most influential industrial figure in Africa.
He is widely recognized for expanding one of West Africa’s largest conglomerates, with operations spanning cement manufacturing, oil refining, sugar production, food processing and logistics.
According to the company’s official profile, the Dangote Group currently operates in 17 African countries, positioning it as a dominant regional force in heavy industry.
Dangote’s personal wealth also continues to set global benchmarks.
As of November 3, 2025, the Bloomberg Billionaires Index placed his net worth at $30.6 billion, while Forbes estimated $26.2 billion, largely anchored in his refinery, cement empire and sugar operations.
Regional observers say the creation of the ECOWAS Business Council marks a significant shift in West African economic policy, signalling a stronger commitment to leveraging homegrown investment rather than depending excessively on external financial actors.
With Dangote at the helm, stakeholders anticipate accelerated intra-African trade, expanded industrial cooperation, and new opportunities for private-sector-driven development across the sub-region.
As ECOWAS ministers continue their meetings in Abuja, expectations are building around how quickly the new Council will begin executing its mandate and shaping the next phase of West Africa’s economic transformation.
