Preserving ECOWAS Finances Amidst Threat of Member Country Exit

Politics John Brightwater August 18, 2024

Preserving ECOWAS Finances Amidst Threat of Member Country Exit

The Deputy Speaker of the House of Representatives in Nigeria, Representative Benjamin Kalu, has provided assurance that the ECOWAS Parliament is proactively addressing the potential withdrawal of Mali, Burkina Faso, and Niger from the sub-regional bloc. Kalu emphasized the utilization of parliamentary diplomacy to engage the leaders of these countries and mitigate any financial risks to ECOWAS.

Kalu stressed the importance of avoiding alarm over the perceived existential threat posed by violent extremism and the potential departure of the three West African countries from ECOWAS. He disclosed that correspondences have been dispatched to the concerned countries and efforts will be exerted to engage with their heads of government through diplomatic channels in an attempt to persuade them to reconsider their decision and maintain their membership within the regional bloc.

The Deputy Speaker underscored the significance of upholding unity within the ECOWAS family and diligently working towards addressing any grievances that may have led to the threat of withdrawal. He highlighted the importance of reaching out to these countries and addressing their concerns to ensure continued cohesion and cooperation within the sub-region.

Despite the potential worst-case scenario of the three countries exiting ECOWAS, Kalu expressed confidence that the financial stability of the organization would not be compromised. He expounded that ECOWAS revenue originates from various sources, with the Community Levy being just one of them. Furthermore, he mentioned the possibility of streamlining and increasing sources of funding to mitigate any financial impact that may arise from the withdrawal of member countries.

Kalu emphasized the diverse options available for generating funds for the parliament and the community, reassuring that the financial security of ECOWAS will be upheld through strategic measures. He underscored the interest of development agencies and other stakeholders in the sub-region, highlighting the potential for multiple sources of funding to support the functions of ECOWAS.

In conclusion, the proactive approach taken by the ECOWAS Parliament, under the leadership of Representative Benjamin Kalu, reflects the commitment to preserving the financial stability of the organization amidst the threat of member country withdrawal. Through diplomatic engagement and a strategic focus on revenue sources, ECOWAS aims to navigate the challenges posed by the potential withdrawal of Mali, Burkina Faso, and Niger, while upholding its role in promoting regional integration and cooperation.