Emmanuel OchayiThe withdrawal of Burkina Faso, Mali, and Niger Republic from the Economic Community of West African States (ECOWAS) raises concerns about the potential weakening of the economic bloc’s $277.22 billion trade with the world.
In a joint statement, military leaders Capt. Ibrahim Traoré (Burkina Faso), Col. Assimi Goita (Mali), and Brig. Gen. Abdourahamane Tiani (Niger Republic) cited deviation from founding ideals and pan-Africanism as reasons for the withdrawal, impacting the economic region’s imports and exports.
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“After 49 years of existence, the valiant people of Burkina, Mali, and Niger note with much regret… decide in complete sovereignty on the immediate withdrawal,” part of the statement read.
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This move could jeopardize ECOWAS’s role in the African Continental Free Trade Area, affecting total exports of $131.36 billion, with Nigeria leading at $63.34 billion. Burkina Faso, Mali, and Niger contributed $4.55 billion, $3.91 billion, and $446.14 million, respectively. Key exports include mineral fuels, pearls, fertilizers, cocoa, and wood.
Apart from ECOWAS, the three nations are members of the West African Monetary Union, losing access to the regional financial market and central bank post-coups. While Mali’s access was restored, Niger remains suspended.
ECOWAS’s treaty requires a one-year notice by a country intending to withdraw membership. The Commission of ECOWAS said no formal notification has been received from any of the three West African countries. The group expressed commitment to restoring constitutional order, emphasizing the importance of Burkina Faso, Niger, and Mali within the community.
The situation poses a significant challenge to regional stability, trade dynamics, and the realization of the African Continental Free Trade Area’s goals.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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