Economy

ECOWAS Heads of State Issue Communique After 59th Ordinary Session (Full Statement)

Published

4 years ago

June 23, 2021

Eric

FIFTY – NINTH ORDINARY SESSION OF THE AUTHORITY OF HEADS OF STATE AND GOVERNMENT 19 June 2021, Accra, Republic of Ghana

FINAL COMMUNIQUE

1. The Fifty-ninth Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) was held on 19 June 2021 in Accra, Republic of Ghana, under the chairmanship of H. E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, and Chair of the Authority.

2. The following Heads of State or their duly mandated representatives participated in the Summit: H.E. Patrice Talon, President of the Republic of Benin; H.E. Roch Marc Christian Kabore, President of Burkina Faso; H.E. Jorge Carlos de Almeida Fonseca, President of the Republic of Cabo Verde; H.E. Alassane Ouattara, President of the Republic of Cote d’lvoire; H.E. Adama Barrow, President of the Republic of The Gambia; H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana;

H.E. Prof. Alpha Conde, President of the Republic of Guinea; H.E. Umaro Sissoco Embalo, President of the Republic of Guinea Bissau; H.E. Georges Manneh Weah, President of the Republic of Liberia; H.E. Muhammadu Buhari, President of the Federal Republic of Nigeria; H.E. Julius Maada Bio, President of the Republic of Sierra Leone; H.E. Faure Essozimna Gnassingbe, President of the Togolese Republic; H.E. Ouhoumoudou Mahamadou, Prime Minister and Head of Government of the Republic of Niger; H.E. Madam Aissata Tall Sall, Minister of Foreign Affairs and Senegalese Abroad of the Republic of Senegal.

3. The session was also attended by:
H.E. Jean-Claude Kassi Brou, President of ECOWAS Commission;
H.E. Louise Mushikiwabo, Secretary General of the Organisation Internationale de la Francophonie (OIF);
H.E. Akinwumi Adesina, President of the African Development Bank; H.E. Mahamat Saleh Annadif, Special Representative of the United Nations Secretary General for West Africa, and the Sahel (UNOWAS); H.E. Goodluck Ebele Jonathan, former President of the Federal Republic of Nigeria, and ECOWAS Mediator for Mali.

4. At the opening ceremony, a welcome statement was delivered by H.E. Jean-Claude Kassi Brou, President of ECOWAS Commission; and thereafter, H. E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and Chair of the ECOWAS Authority of Heads of State and Government delivered the opening address.

5. Goodwill messages were also delivered by H.E. Louise MUSHIKIWABO,
Secretary General of the Organisation Internationale de la Francophonie, by H.E. Mahamat Saleh Annadif, Special Representative of the United Nations Secretary General and Head of the United Nations Office for West Africa and the Sahel (UNOWAS), and by H.E. Akinwumi Adesina, President of the African Development Bank.

6. The Heads of State and Government took note of the 2021 Interim Report of the President of the ECOWAS Commission, as well as the Reports of the 46th Ordinary Meeting of ECOWAS Mediation and Security Council and the 86th Ordinary Session of the ECOWAS Council of Ministers.

7. They commended the quality of the reports and the relevant recommendations contained therein.

8. Reaffirming their commitment to deepening the integration process in West Africa, the Heads of State and Government, after deliberations, endorsed the main recommendations contained in the different reports, and then considered the following specific issues:

A. COVID-19 SITUATION

9. The Authority took note of the Covid-19 situation in the region which reveals a stabilization of the situation resulting from efforts deployed by Member States and WAHO.

10. It took note of the vaccination in all Member Countries with vaccines provided by COVAX initiative and salute the recent decision of the G7 to provide additional vaccine to developing countries.

11. The Authority encourages the West Africa Health Organization to intensify its efforts regarding the mobilisation of partnership for the production of Anti-COVID Vaccines in the region and note the need to introduce biometric passport in the Region.

12. The Authority charges the President of The Commission to work with the Member States and WAHO on the modalities to accelerate the re-opening of land borders in a safe manner during the pandemic in line with the agreed ECOWAS Harmonised Guidelines for Free Movement of People and Goods during pandemics.

B. ON PEACE, SECURITY AND DEMOCRACY

13. The Authority reaffirms its commitment to the promotion of peace, security, and stability in the region as prerequisites for the economic integration and development of the region.

14. On the political situation in the region, the Authority reiterates its concerns over the crisis in Mali in the context of security challenges related to terrorist attacks and the Covid-19 Pandemic with its dire socio-economic impacts. The Authority welcomes the Report submitted by H.E. Goodluck Ebele Jonathan, the ECOWAS Special Envoy and Mediator to Mali, sequel to his mission to Mali from 8th to 9th June 2021 to engage stakeholders on the decisions taken by ECOWAS Authority during its Extraordinary Summit held on 30th May 2021 in Accra, Ghana.

15. The Authority takes note of the appointment of a civilian Prime Minister and the formation of a new Government.
16. It also takes note of the commitment of the Transition Authorities to respect the electoral timetable which includes the organisation of a Presidential Election in February 2022.

17. The Authority was also informed of the Monitoring Mechanism that will be put in place to ensure that the electoral timetable unveiled on 15th April 2021 are strictly adhered to. It instructs the President of the Commission to ensure effective functioning of the Mechanism and implementation of the measures contained therein.

18. The Authority noted the positive development in Mali and decides to remain seized of the political situation in Mali.

19. On electoral processes in the region, the Authority welcomes the successful conduct of presidential elections in Benin and Niger as well as the legislative elections in Cabo Verde and Cote d’Ivoire. The Authority extends its warmest congratulations to Their Excellencies Patrice Talon, President of the Republic of Benin, for his re-election to the highest public office of his country and Mohamed Bazoum for his election as President of the Republic of Niger and wishes them every success.

20. The Authority directs the President of the Commission to provide the necessary support to the Governments of Cabo Verde and the Gambia during the upcoming presidential elections.

21. On preventive diplomacy, the Authority welcomes the re-constitution and repositioning of the ECOWAS Council of the Wise to effectively support the ECOWAS Preventive Diplomacy and Mediation efforts in Member States. The Authority endorses the list of the Members of the Council of the Wise and takes note of the election of H.E. Goodluck Ebele Jonathan from Nigeria and Mrs. Saran Daraba from Guinea as Chair and Vice-Chairperson of the Council of the Wise. It directs the President of the Commission to provide the Council with the necessary support, including technical and administrative backstopping, to effectively execute their mandate.

22. On the security situation in the region, the Authority remains concerned with the security situation in the Region. The Authority reaffirms its determination to relentlessly combat the scourge of terrorism, and strongly condemns the recurrence of terrorist attacks in frontline countries, namely Burkina Faso, Mali, Niger, and Nigeria. It expresses solidarity with the affected Member States and populations.

23. The Authority reiterates its urgent appeals to Member States to expedite payment of their voluntary contributions to the Fund dedicated for the implementation of the 2020 – 2024 Action Plan for the eradication of terrorism in the Region. It directs the ECOWAS Commission to strengthen resource mobilization efforts, including taking advantage of the appointments by the Authority of H. E. Mahamadou Issoufou, former President of the Republic of Niger and H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana as champions of the resource mobilization for the Plan of Action.

24. The Authority expresses concern over the destabilising effect of the operations of mercenary groups from Libya and calls for a concerted international action aiming at urgently resolving this issue, involving the disarmament of the mercenary groups.

25. The Authority expresses the need to enhance the optimization of synergies among the various security, defence, and intelligence agencies across ECOWAS region in order to facilitate swift and appropriate responses to existing and emerging threats. To this effect, the Authority endorses the establishment of a permanent Forum of West African National Security Advisers and directs the President of the Commission to ensure effective functioning and proper coordination and complementarity with the existing ECOWAS defence and security committees.

26. On maritime safety and security, the Authority reiterates its call on Member States to fully implement the measures adopted at national, regional, and continental levels to ensure maritime security and safety in the Gulf of Guinea. It directs the President of the Commission to take appropriate measures, in consultation with Member States, to fully operationalize the ECOWAS Maritime Security Architecture.

27. On the ECOWAS Mission in The Gambia (ECOMIG), the Authority directs to review the mandate and structure of ECOMIG to secure the upcoming December 2021 presidential elections and reaffirms its decision to modify the structure of ECOMIG after the Presidential election.

28. On the humanitarian situation, the Authority expressed concern over the worsening humanitarian situation in the region as a result of the terrorist attacks and effects of climate change. In that regard, the Authority reaffirms the need to strengthen ECOWAS humanitarian interventions and coordination with relevant humanitarian actors.

C. ON ECONOMIC PERFORMANCE AND IMPLEMENTATION OF REGIONAL INTEGRATION PROGRAMMES

29. After a negative growth of 0.8% in 2020 linked to the negative effects of COVID-19, the Conference welcomes the recovery announced in 2021 with a projected GDP increase of 3.5% in 2021. It urges the Member States to accelerate the implementation of economic stimulus programs and projects to support the ongoing recovery.

30. Authority notes the need to implement sizeable financing plans for the economies of the Region to support recovery. In this regard, it welcomes the various initiatives underway, particularly the Paris Summit for the Financing of African Economies, as well as the G20 initiatives relating to the restructuring of the debts of developing countries. It calls for the speedy implementation of these initiatives.

31. The Authority commends the African Development Bank Group (AfDB) for launching a facility to support African countries, including member countries of the ECOWAS region, to address the challenges of the COVID-19 pandemic, and also for its support to the G5 Sahel countries aiming at strengthening national health systems. It also commends the Bank for its support of $22 million to the West Africa Health Organization (WAH0).

32. The Authority takes note of the proposal of the AfDB to develop an African Financial Stability Mechanism to protect the continent against external and internal shocks, as well as a Security-Indexed Investment Bonds to leverage resources on the global capital markets to reinforce security in the ECOWAS region. Therefore, it calls on the AfDB to work with the ECOWAS Commission to develop the Investment Bonds.

33. Furthermore, the Authority calls on the AfDB to support quality health care infrastructure and develop pharmaceutical industries in ECOWAS countries, including the manufacture of vaccines.

D. CREATION OF A MONETARY UNION

34. The Authority commends the Ministerial Committee on the Single Currency Programme for its diligence in implementing the decisions taken at its 58th Ordinary Session held by video conference on 23rd January 2021. It decides:
a. to adopt the Convergence and Macroeconomic Stability Pact between ECOWAS Member States, whose convergence phase covers the period from 2022 to 2026 and the stability phase from 1st January 2027; and
b. Takes note of the roadmap for the launch of ECO by 2027 and charges the Ministerial Committee to continue to work to resolve all outstanding issues.

E. AFRICAN CONTINENTAL FREE TRADE AREA (AFCFTA)

35. The Authority took note of the progress in the ratification of the Agreement and urged remaining Member States to accelerate the ratification process of the AFCFTA. Furthermore, it directs the ECOWAS Commission to continue to coordinate common positions for the negotiations in order to ensure it builds on the acquis of ECOWAS.

F. BORDER ISSUES

36. The Authority congratulates the Republics of Guinea and Sierra Leone for the reopening of their land borders. The Authority further commends the spirit of solidarity and dialogue that led, at the Summit, to the signing of the Military and Technical Cooperation Agreement between the Republics of Senegal and Guinea paving the way for the imminent reopening of their borders. It encourages the Republics of Guinea and Guinea Bissau to work in order to achieve the reopening of their borders. ECOWAS will stand by these countries to accompany them in this endeavour.

G. INSTITUTIONAL MATTERS

37. In compliance with the Decisions taken by the Authority of Heads of State and Government during its Extraordinary Session held on 2nd February 2021, on Institutional reforms, H. E. Nana Addo Dankwa Akufo-Addo, Chair of the Authority, submitted his report on reflections on the optimal structure and size of the new Commission and the other Institutions, and efforts to further streamline ECOWAS operating costs. The Authority commended H. E. Nana Addo Dankwa Akufo-Addo for the quality of the report, and for the efforts deployed towards achieving a consensual outcome.

38. The Authority reiterated its commitment to the objectives of improved performance and operational efficiency of ECOWAS Institutions, to promote the implementation of integration programmes geared towards the economic and social development of the region.

39. To this end, the Authority adopts a 7-Member Commission as the new size of the Commission beginning March 2022. Authority mandates H.E. Nana Addo Dankwa Akufo-Addo, Chairperson of the Authority of Heads of State and Government, to continue his efforts relating to the allocation of statutory positions and streamlining operational costs in ECOWAS Institutions.

H. ON THE PROPOSED MECHANISM OF ROTATION OF ECOWAS MEMBER STATES’ CANDIDATURES TO THE CHAIRMANSHIP OF THE AFRICAN UNION

40. The Authority took note of the report on a Mechanism to ensure predictability, transparence, and fairness in the rotation process within ECOWAS Member States for the occupation of the position of Chairperson of the Assembly of the African Union when the turn of ECOWAS arises.

41. The Authority endorses the criteria set up in the Report and the subsequent rotation proposed within ECOWAS Member States for the chairmanship position of the African Union.

I. OTHER MATTERS

42. The Conference was informed of the declaration by World Health Organisation of the end of the Ebola outbreak in Guinea. It congratulates the Government and the people of Guinea for their strong commitment in fighting the epidemics with the assistance of WAHO.

43. The Authority pays glowing tribute to H.E. Jorge Carlos de Almeida Fonseca, President of the Republic of Cabo Verde, who is attending the Summit for the last time as Head of State, for his strong belief and efforts to promote economic integration, as well as to consolidate democracy, and regional peace and security. It commends the initiatives he led during his two terms as President of the Republic of Cabo Verde which contributed to the economic and social development, as well as to the peaceful opening up of his country, particularly through the development of required infrastructure.

J. ELECTION OF THE NEW CHAIRMAN OF THE AUTHORITY OF HEADS OF STATE AND GOVERNMENT

44. The Heads of State and Government appointed H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana as Chairman of the Authority of Heads of State and Government for another one (1) year term.

K. DATE AND VENUE OF NEXT SUMMIT

45. The Heads of State and Government decide to hold the next Ordinary Session in Abuja, Federal Republic of Nigeria on Saturday 18 December 2021.

46. The Heads of State and Government express sincere appreciation to H. E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, Chair of the ECOWAS Authority of Heads of State and Government, for his leadership in steering the affairs of the Community.
Done, this 19th Day of June 2021.

See PDF copy of statement below:

2021-06-20-UK Final Communiqué-VF

Economy

Tinubu’s Govt Secures Fresh $65m Loan from World Bank

Published

1 week ago

July 2, 2025

Eric

The World Bank has approved an additional $65 million credit for Nigeria under the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, raising the total funding to $145 million.

According to information obtained from the website of the World Bank, the approval was granted on June 24, 2025—six days earlier than the previously scheduled date of June 30.

The project status has since been updated to “active,” and the World Bank confirmed it has reached the “Bank Approved” stage.

The SPESSE project was initially launched in 2021, backed by an $80 million loan approved in February 2020. It aims to build lasting institutional capacity for managing procurement, environmental, and social standards across Nigeria’s public and private sectors.

New funds to expand e-Procurement and training

The new financing will support the national roll-out of the Electronic Government Procurement (e-GP) platform.

This digital system is expected to streamline procurement processes, reduce delays, and enhance transparency in public spending.

According to the World Bank, in a document released earlier on the additional financing: “The AF will maintain the PDO of the parent project without any change. The project development objective is to develop sustainable capacity in managing procurement, environment, and social standards in the public and private sectors.”

The funds will also scale up training and certification programmes to professionalise Nigeria’s procurement workforce.

While over 33,000 individuals have been trained under the initial phase of the project, more than 25,000 public officers are still targeted for training, based on government assessments.

While the original SPESSE credit will close by June 30, 2026, the additional funding is expected to remain in use until June 30, 2029.

“The parent credit will be closed on June 30, 2026, without any extension; however, the AF is proposed to be closed on June 30, 2029,” the World Bank stated in a document.

The new loan adds to Nigeria’s growing debt stock with the World Bank. As of March 2025, total outstanding debt to the institution stood at $18.23 billion, up from $17.81 billion in December 2024 and $15.45 billion a year earlier.

According to the latest data from the Debt Management Office (DMO), the total debt to the World Bank comprises $16.99 billion owed to the International Development Association (IDA) and $1.24 billion to the International Bank for Reconstruction and Development (IBRD). World Bank loans now account for 39.6% of Nigeria’s total external debt of $45.98 billion, compared to 38.9% at the end of 2024 and 36.4% in March 2024.

With Nigeria continuing to rely on concessional funding to support public sector reforms amid limited fiscal space, the SPESSE project remains a flagship initiative under the country’s wider institutional reform agenda.

However, the growing reliance on external financing highlights the importance of ensuring that these projects deliver measurable outcomes and long-term value.

Economy

Atiku Cautions Tinubu Against ‘Reckless’ Borrowing, Says It’s Economic Sabotage

Published

1 month ago

May 30, 2025

Eric

Former Vice President Atiku Abubakar has criticised the decision of the President Bola Tinubu-led administration to seek new external and domestic loans, describing the move as reckless and a threat to Nigeria’s economic future.

In a statement on Thursday via X, Atiku said the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion — totaling over $24 billion — would dangerously increase the country’s debt profile, raising concerns about long-term sustainability.

“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku stated, warning that the new loans represent more than 60% of Nigeria’s total foreign exchange reserves.

He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.

Atiku further said, “Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%. Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.”

He decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, arguing that the government is spending more on repaying loans than it earns.

“This is not just unsustainable — it is immoral. The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” he said.

The former Vice President described the pattern of borrowing as a “Ponzi scheme,” warning that “Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.”

Calling the plan economic sabotage, Atiku urged immediate action to stop what he described as a looming catastrophe.

“We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organisations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery,” he added.

Economy

IMF Scores Tinubu’s Economic Reforms Below Pass Mark

Published

3 months ago

April 20, 2025

Eric

The International Monetary Fund (IMF) says that Nigeria faces significant uncertainty in its economic outlook despite wide-ranging reforms.

It, however, noted that the gains are yet to benefit all Nigerians with poverty and food insecurity remaining high.

Concluding its 2025 Article IV Consultations with Nigeria’s public policy executives during the week, IMF’s team, led by Axel Schimmelpfennig, its mission chief for Nigeria, acknowledged that Nigeria has taken important steps to stabilize the economy, enhance resilience, and support growth.

The IMF team had met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Agriculture and Food Security, Abubakar Kyari, Central Bank of Nigeria Governor, Yemi Cardoso, senior government and central bank officials, the Ministry of Environment, the private sector, academia, labour unions, and civil society.

Although the IMF representatives said these reforms have put Nigeria in a better position to navigate the external environment, the macroeconomic outlook remains marked by significant uncertainty.

They said that the elevated global risk sentiment and lower oil prices would impact the Nigerian economy.

They, therefore, recommended that macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.

The final report of the consultations stated: “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.

‘‘The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.

‘‘Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

‘‘The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

‘‘The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. ‘‘Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation.

‘‘To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget.

‘‘In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.

“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.

‘‘Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”