ECOWAS Sounds the Alarm as 90% of West Africa’s Economy Remains Informal

• Parliament pushes sweeping reforms to unlock MSMEs, create jobs, tackle insecurity

Michael Olugbode in Abuja

The Economic Community of West African States (ECOWAS) Parliament has raised concern over the dominance of the informal sector in West Africa, warning that nearly 90 per cent of economic activities and at least 60 per cent of the region’s workforce remain outside the formal economy.

The ECOWAS parliament said the situation was undermining economic growth, job creation, and regional competitiveness.

The parliament called for far-reaching policy reforms to formalise and strengthen Micro, Small and Medium Enterprises (MSMEs), describing the sector as central to achieving economic transformation, reducing poverty, and addressing insecurity across the sub-region.