(Ecofin Agency) - The ECOWAS Mining and Oil Forum, which was first launched in 2012, held its inaugural event in Ghana in 2015, followed by editions in Côte d'Ivoire (2018) and Niger (2022). This high-level gathering promotes exchanges and the sharing of experiences at the sub-regional level.

The 4th edition of the ECOWAS Mining and Oil Forum opened in Cotonou, Benin, yesterday February 22. The opening ceremony gathered ministers, mining leaders, and notable figures, including Benin's Minister of Energy, Water, and Mines, Samou Seïdou Adambi, and the Vice-President of the ECOWAS Commission, Damtien Tchintchibidja.

Running until February 24, stakeholders from the mining and oil sectors across the sub-region will engage in discussions centered on the theme “Geo-extractive Resources and Technologies: What Pooling Strategies for Value Creation in West Africa”. According to the organizers, the event aims to stimulate investments through the presentation of attractive projects, highlight the specific potentials of West Africa, and facilitate the sharing of experiences among professionals and experts.

"By joining forces and pooling our resources, we can unlock the full potential of our natural wealth and transform our economies for the well-being of our people," said Abdoulaye Bio Tchané, Minister of State for Development and Coordination of Government Action, in his opening speech on behalf of Benin's President Patrice Talon.

He suggested that pooling efforts would lead to improved negotiation capacity for states, reduced operational costs through economies of scale, risk-sharing, promotion of regional development, and strengthened cooperation and integration.

In his remarks, the Benin Minister of Mines highlighted the importance of pooling resources to strengthen the value chain of resources both regionally and continentally. "In this field, we must identify and implement solutions that promote value creation, including the local processing of our natural resources, development of local content, and the creation of strong financial institutions," he added.

West Africa is home to several major mining and oil-producing countries, such as Nigeria, the leading African oil producer, Ghana and Mali, the first and third African gold producers respectively, and Niger, the second-largest African uranium producer. Hydrocarbons and mining play a central role in the GDP, export earnings, and public revenues of these countries.