By Waziri Isa Adam (Group Editor-in-chief)
Professor MT Ladan, a renowned African Regional Economic Integration Law and Policy Analyst, has urged all Economic Community of West African States (ECOWAS) member states to prioritize their financial obligations to the regional body. This call comes as Nigeria has paid its outstanding financial obligations to ECOWAS in full, setting a positive precedent for other member states.
According to Prof. Ladan, Nigeria’s payment was necessary due to the exit of three AES member countries – Burkina Faso, Mali, and Niger – which has resulted in a lower community levy (CL). Prof. Ladan noted that the payment should not be seen as an achievement, but rather a necessary step to save ECOWAS’ dwindling resources.
The exit of Burkina Faso, Mali, and Niger from ECOWAS was officially acknowledged by the regional body during the 66th ordinary summit of the ECOWAS Authority of Heads of State and Government, held in Abuja. The three countries are set to officially leave the bloc on January 29, 2025.
In light of this development, Prof. Ladan emphasized the need for ECOWAS member states to prioritize their financial obligations to the regional body. “This is imperative for the regional body’s continued existence and effectiveness,” he stressed.
The implications of not meeting financial obligations to ECOWAS are far-reaching. It can lead to the collapse of Community Institutions, undermine regional integration efforts, and hinder economic growth and development in West Africa.
This situation is reminiscent of Mauritania’s withdrawal from ECOWAS in the 2000s. Before reapplying for membership in 2017, Mauritania had paid its outstanding obligations to ECOWAS. This precedent highlights the importance of regional integration and cooperation, as well as the potential consequences of withdrawal. As ECOWAS navigates the challenges posed by the exit of Burkina Faso, Mali, and Niger, it is essential that member states prioritize their financial obligations and commitment to regional integration.
Cote d’Ivoire has also undertaken to pay its outstanding arrears within a few days, a move seen as a positive step towards resolving the long-standing issue of outstanding payments.
As ECOWAS continues to navigate the challenges of regional integration, it is essential that member states prioritize their financial obligations to the regional body. By doing so, they can ensure the continued viability and effectiveness of ECOWAS, and promote economic growth and development in West Africa.