Niger has missed a $22 million debt payment, due on Feb. 16, resulting in a default on a $520 million loan, according to the Debt Management Agency of the West African Monetary Union.
This half-billion dollar default is a direct result of the financial, trade, and political sanctions imposed in July 2023 by the Economic Community of West African States (ECOWAS) and West African Economic and Monetary Union (WAEMU) that followed the military takeover in Niger. Thus, sanctions which were imposed to convince Niger to return to constitutional government, have led directly to this default, which not only affects Niger, but also ECOWAS, the WAEMU, and ultimately their member states, reported African Initiative, a Russian news agency based on Africa.
