President Bola Tinubu has criticised the Economic Community of West African States (ECOWAS) Heads of State and Government’s ultimatum against the military junta in the Niger Republic, stating that it is not a Nigerian mandate.
He also ordered the acting governor of the Central Bank of Nigeria, Folashodun Adebisi Shonubi, to impose further financial sanctions on individuals and entities involved in the military junta’s overthrow of the democratically elected government. The junta has denied permission for a joint mission with UN and ECOWAS representatives to Niger, resulting in closed airspace.
The United Nations Secretary-General, Antonio Guterres, supports mediation efforts by ECOWAS. The President has widened his consultations after the expiration of the ECOWAS ultimatum to reinstate the sacked democratically elected government.
Also Read: Niger’s military intervention is the last option for the West Africa Bloc (ECOWAS).
President Bola Ahmed Tinubu has stated that the mandate and ultimatum issued by ECOWAS are those of ECOWAS, conveying the consensus position of member heads of state. The President has widened consultations internationally and domestically, including interacting with Nigerian governors in the aftermath of the Niger Republic military coup.
However, ECOWAS’ response to the coup has been and will remain devoid of ethnic and religious sentiments. The regional bloc is composed of all sub-regional ethnic, religious, and human diversity, and the response of ECOWAS represents all of these groups.
Far-reaching decisions will be taken at the extraordinary summit on Thursday regarding the next steps of the regional bloc. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, warns President Tinubu against military intervention, citing the social, economic, welfare, and security implications for subregion countries and citizens.
Yusuf, former LCCI Director-General, emphasised the macro-economic, trade, security, and geo-political ramifications. Meanwhile, soldiers seized power in Niamey, blocking an ECOWAS mission in the run-up to a summit. The coup leaders argued that public anger and revolt due to ECOWAS sanctions could jeopardise the delegation’s safety.
ECOWAS imposed trade and financial sanctions on Niger after rebel soldiers overthrew President Mohamed Bazoum. The bloc gave Niger a seven-day ultimatum to reinstate Bazoum or face force, but the coup leaders defied. Military intervention is not planned, and dialogue remains open.
Nigeria’s balance of payments may hinder military engagement outside its borders. Yusuf emphasised the fragility of Nigeria’s external sector, which faces currency volatility challenges. This could negatively impact investor confidence, weaken growth prospects, and decelerate economic recovery.
In a war situation, risks include asset destruction, infrastructure damage, livelihood disruption, investor confidence softening, investment growth deceleration, country risk aggravation, and GDP growth dampening. Nigeria’s defence spending may increase significantly, with over 70% coming from foreign exchange and the military option being an ECOWAS decision.
