West African countries have resolved to simplify business registration processes to ease and facilitate smooth trade in the sub-region.
The decision is contained in a communiqué of the Private Sector Day at end of the 9th West Africa Monetary Zone Trade Ministers’ Forum in Abuja on Friday, with the theme “Harnessing Intra-West Africa MonetaryZone Trade Potential Through Value Addition and Diversification.”
The communiqué was read by the President of Manufacturers Association of Nigeria Mansur Ahmed. It stated that member countries must provide policy support and offer soft credit facilities to Micro, Small and Medium Enterprises, MSMEs because they constitute greater share of intra-regional trade actors.
It noted that member nations must avoid policy inconsistency and improve communication, as well as ensure policy sustainability.
According to the communiqué, member countries will further promote quoting and trading in the West Africa Monetary Zone national currencies.