The federal government of Nigeria has made its first full payment of the Economic Community of West African States (ECOWAS) levy in 19 years, contributing N85.54 billion and $54 million for 2023 and part of 2024.
This was announced by the president of the ECOWAS Commission, Omar Touray, during the 66th ordinary summit of ECOWAS in Abuja on Sunday.
Touray called the payment “a vote of confidence” in the organisation and a demonstration of Nigeria’s leadership in West Africa.
He also highlighted the importance of the payment, noting that it would support ECOWAS efforts in regional integration and development.
The payment, made on December 13, 2024, marks a key moment in the relationship between Nigeria and ECOWAS.
In previous years, Nigeria had struggled to meet its financial obligations to the regional body but this move reflects a renewed commitment to the organisation.
At the summit, President Bola Tinubu, who is chairing the event, praised Nigeria’s role in the regional body.
The summit also addressed other pressing issues, including the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS, following military coups in those countries.
These nations have formed the Alliance of Sahel States (AES), and ECOWAS leaders are now seeking ways to manage the situation diplomatically.
The summit is also focused on discussions regarding the proposed single currency for West Africa, the ECO, and ways to enhance economic cooperation among member states.
