For the first time in 19 years, Nigeria has made its first full payment of the Economic Community of West African States (ECOWAS) levy as a member of the regional bloc. On December 13, 2024, Nigeria paid the sum of N85.54 billion and $54 million for its 2023 levy and part of its 2024 levy.
This payment was made known by Omar Touray, president of the ECOWAS Commission during the 66th ordinary summit of ECOWAS in Abuja on Sunday.
The ECOWAS Commission President described the payment by Nigeria as a vote of confidence in ECOWAS and a demonstration of Nigeria’s leadership in West Africa.
Mr. Touray also highlighted the importance of the payment, noting that it would support ECOWAS efforts in regional integration and development.
Nigeria over the years has defaulted in some of its financial obligations to the regional body, which is why this move is seen by diplomats and observers as a renewed commitment to the organisation by Nigeria, who is the most powerful member nation both economically and militarily.
President Bola Tinubu chairs 66th ECOWAS Summit in Abuja
At the summit itself chaired by President Bola Ahmed Tinubu, who is the ECOWAS Chairman, many pressing regional issues were addressed including the withdrawal of Burkina Faso, Mali, and Niger from the ECOWAS bloc, following military coups in those countries.
These francophone countries after their withdrawal formed a new bloc – the Alliance of Sahel States (AES). ECOWAS leaders are now seeking for ways to manage the situation and reach a diplomatic solution.
The summit in Abuja also held discussions on the proposed single currency for West Africa, the ECO, and ways to enhance economic cooperation among member nations.