Africa-Press – Sierra-Leone. Sierra Leone’s President and Chairman of the ECOWAS Authority, Julius Maada Bio, has called on member states to deepen their collaboration in trade and investment.
The President identified trade as a crucial player in uplifting the West African sub-region during a dinner held in Abuja, Nigeria.
Bio explained to members about the deepening relationship between Nigeria and Sierra Leone highlighting that the two nations share “more than borders”.
He also praised the Sierra Leonean economy for recording an average of 4.1 per cent GDP growth over the past three years, and his administration’s plans to uplift the country from poverty with his “Big Five Game Changers” which prioritises agriculture, technology, youth employment, and public service reform.
Bio also shared his country’s improved business climate, including a 24-hour company registration, easy work permit application, duty waivers and tax holidays for some investments. He also stressed that Sierra Leone boasts of one of the lowest corporate tax rates in the sub-region despite their digitised customs and tax system that has halved clearance and at least a 40 per cent rise in direct foreign investment.
With these, Bio projected Sierra Leone as the gateway for regional and global trade due to its strategic location. He added that his country could be the next logistics hub in West Africa boasting of their natural harbour which is the largest on the African continent.
The President also called on West African leaders to make the most of their natural resources through collaboration and commitment to trade.
“Let us build the bridges our ancestors dreamed of, bridges of trade, of trust, and of triumph,” Bio said.
World Data said West Africa boasts of at least USD 440 billion in GDP with Nigeria accounting for about half of it. Trade in the region has huge potential, but insecurity, political instability, and global economic factors are stifling the sub-region’s growth. Experts have advised that countries reduce dependency on commodities, including the raw exports of natural resources and currency stability as major factors in boosting the sub-region’s economy.
For More News And Analysis About Sierra-Leone Follow Africa-Press
