Ife: ECOWAS lift of sanctions on Niger, others timely

The recent decision by the ECOWAS Commission to lift sanctions on Niger, Mali, and Burkina Faso has sparked discussions on both humanitarian and economic fronts. The Lead Consultant for Industry and Private Sector Development at ECOWAS, Ken Ife, emphasized the timeliness of the move, particularly with Ramadan approaching. He stressed the importance of considering the humanitarian aspect of the situation, urging the affected nations to embrace this gesture of friendship. Ife highlighted the shift in focus from 'ECOWAS of states' to 'ECOWAS of people' that the commission embarked on in 2007. This transition marked a significant change in prioritizing the well-being of the region's population, promoting democracy, rule of law, and economic development. The sanctions lifting, which includes measures like border closure, asset freezes, and commercial transaction suspensions, aims to alleviate the hardship faced by millions of families residing along the borders of these countries. Ife underlined the unbearable suffering experienced by these communities and called for a collective effort to prevent further human and social violence. Despite concerns about the potential loss to the block amounting to around $150 billion annually due to trade disruptions, Ife believes that the affected countries, accounting for only 10% of the region's GDP, may not significantly impact ECOWAS's financial stability. He pointed out that inter-regional trade within ECOWAS currently stands at 14%, a figure that has remained stagnant over the years. The overarching challenge lies in Africa's historical position as a provider of raw materials, entrenching the continent in a cycle of dependency on external markets for processed goods. Ife highlighted the need for progressive value addition and intra-African trade in finished products to break free from this economic model. He underscored the importance of shifting focus towards enhancing regional integration and fostering self-sufficiency. As the dialogue continues to center around the humanitarian crisis and economic implications of the sanctions lift, stakeholders are urged to prioritize the well-being of the affected populations while exploring avenues for sustainable economic growth and development in the ECOWAS region.