The Economic Community of West African States (ECOWAS), has warned that the withdrawal of Niger, Mali and Burkina Faso from the bloc puts its investments worth nearly $1 billion at risk.
Dr Omar Touray, President of ECOWAS Commission, gave the warning at the inauguration of the sixth ECOWAS Parliament held at the International Conference Centre, Abuja on Thursday.
“On the economic and financial front, the withdrawal of the three states could result in default or suspension of all ECOWAS projects and programmes in these countries, worth more than $500 million.
“It should be noted that the ECOWAS Bank for Investment and Development currently has 27 ongoing public sector projects in the three countries valued at approximately $321.6 million.
“38 per cent of this is in the form of investment in the public sector, while 61 per cent is constituted by investment in the private sector.”
Touray, therefore, tasked the new representatives of the ECOWAS Parliament to take their role serious in keeping the nearly five-decade-old bloc together and stronger.
Citing Touray’s remarks, Chairman of the ECOWAS Authority of Heads of State and Government, President Bola Tinubu, appealed to the three countries to reconsider their stance, as their exit could spell far-reaching consequences for their citizens as well as the sub-region.
He called on ECOWAS member states to come together, strengthen ties and reject forces bent on causing division within the community.
Peoplesmind
