The Economic Community of West African States (ECOWAS) is facing financial crisis as the biggest contributor, Nigeria, has suspended further payments.

The country insists that it will no longer make any contributions until member countries who are in default meet their obligations.

The Nigerian capital, Abuja, hosts the headquarters of ECOWAS.

The 15-member bloc has over the years relied mainly on money contributed by Nigeria, Côte d’Ivoire and Ghana.

The bloc is currently facing a cash crunch which has crippled many of its organs, which are currently in default in payment of staff salaries.

Resource mobilisation

The slump in oil prices that has hit the Nigerian economy, the recent civil war in Côte d’Ivoire and Ghana’s economic downturn have all affected the three countries’ capacity to foot ECOWAS bills

The organisation has additionally been burdened by excessive bureaucracy, bloated staff and duplicity of offices.

The precarious financial situation has forced the bloc to commence on strategising on resource mobilisation.

The bloc’s Community Development Programme Resource Mobilisation Committee held a meeting in Dakar on Saturday, according to ECOWAS Communication Director Sony Ugoh.

He said it met to review and finalise technical documents of the upcoming Regional High Level Conference and Round Table for the financing of the group.

The meeting also discussed outreach strategies for resource persons and investors to be invited for the conference.