West Africa: WTO, Unido Spearhead $12bn West Africa Cotton Industry Initiative

3 July 2024
This Day (Lagos)
By Ndubuisi Francis

Abuja — The United Nations Industrial Development Organisation (UNIDO) and the World Trade Organisation (WTO) have inked an initiative to mobilise $12 billion in investments for West Africa's developing cotton and textile countries.

The signing of a joint declaration came during the WTO's 9th Global Review of Aid for Trade in Geneva and brought together UNIDO, WTO, ITC, Afreximbank, Africa Finance Corporation (AFC) and International Islamic Trade Finance Corporation (ITFC).

The initiative is part of the Partenariat pour le Coton and focuses on the Cotton Four countries -- Benin, Burkina Faso, Chad, Mali and Côte d'Ivoire.

The key goals of the initiative include improving access to energy, enhancing skills, creating sustainable jobs, particularly for women and youth and supporting infrastructure projects to develop the cotton-to-textile/apparel value chain in the region.

The involvement of financial institutions is expected to play a crucial role in unlocking investment opportunities and facilitating trade.

WTO's Director General, Dr. Ngozi Okonjo-Iweala, described the initiative as a "once-in-a-lifetime opportunity" for West Africa's cotton and textile industry, adding: "I am happy with Gerd Müller of UNIDO and ITC and others as we are working to try and help them (Cotton Four) develop the cotton value chain in the countries".

UNIDO's Director General Gerd Müller said: "Our shared goal is fair and sustainable local cotton processing to create decent jobs and economic growth in the region. What we need is to also work towards establishing a 'blue button' seal to promote sustainable and fairly produced textiles around the world.

"We must fundamentally rethink how our economies and our global supply chains work and create a fairer globalisation that benefits all."

The event featured a high-level panel discussion with representatives from the private sector, development finance institutions and development partners.

Participants included Chad's Minister of Trade and Industry Guibolo Fanga Mathieu, President of Africa Finance Corporation (AFC), Samaila Zubairu, as well as a presentation on the 'Baseline Study of Cotton-to Textile/Apparel Value Chain Development in the C4 and Côte d'Ivoire' by Gherzi Textil Organisation Switzerland CEO, Navdeep Sodhi.

Read the original article on This Day.

Tagged:
Copyright © 2024 This Day. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.