President’s speech for International Workers Day 2025

Today, we come together to commemorate International Workers’ Day — a day that reminds us that behind every thriving economy are dedicated individuals. International Workers’ Day traces its origins back to the labour movements of the late 19th century, particularly the Haymarket affair of 1886 in Chicago, USA, where brave workers demanded an eight-hour workday. Their struggle laid the foundation for the rights and protections that workers around the world continue to enjoy and build upon today.

In today’s world, the service industry, from banking and finance to telecommunications, hospitality among others, represents not just a sector of the economy but its beating heart. For the developing world, the service sector is the gateway to socio-economic progress, reducing reliance on the exploitation of raw materials and subsistent agricultural practices. Across the ECOWAS region, services account for approximately 43% of regional GDP, and this share is growing rapidly. In Nigeria, Ghana, Senegal, and Côte d’Ivoire, for example, financial services, information technology, and professional services are among the fastest-growing sectors.

It is clear that human capital is a critical component for the success of economic actors in the service industry. For Financial Institutions like EBID, our analysts, engineers, specialists and support staff are the ones who drive innovations, facilitate investment and contribute towards development. In fact, in the increasingly technologically driven global economy, computers may assist and Artificial Intelligence (AI) algorithms may advise, but it is human judgment and critical thinking that truly add value.

The ECOWAS region, with a population of over 400 million, has an incredible reservoir of potential. However, challenges remain, youth unemployment is still high, and the need for improving the skills of the workforce to suit the needs of the current job market is more urgent than ever. A 2023 ECOWAS labour report indicated that while service sector employment is growing, access to specialized training and digital skills remains uneven, particularly for rural populations.

The United Nations Sustainable Development Goals (SDGs) offer a roadmap for investing in human capital:

Goal 8: Decent Work and Economic Growth reminds us to promote inclusive, productive employment and fair conditions for all workers. Goal 4: Quality Education calls for investments in digital literacy, financial literacy, and life-long learning. Goal 9: Industry, Innovation, and Infrastructure emphasizes building resilient service industries powered by people-centred innovation. Goal 5: Gender Equality is especially critical in finance and services, where women must have equal opportunities to lead and innovate.

As the great economist Adam Smith once said, “The wealth of nations is the result of labour.” Today, let us recognize that our efforts as professionals are the lifeblood of our economies. Let us commit to creating workplaces that value continuous learning, diversity, fairness, and dignity because the more we nurture our human capital, the stronger, more inclusive, and more resilient our societies and economies will be.
Finally, let us be reminded that we are not just workers; we are the architects of the future of ECOWAS.

Happy International Workers day!