For the first time in 19 years, Nigeria has fully met its financial obligations to the Economic Community of West African States (ECOWAS).
The Federal Government paid ₦85 billion and $54 million as a community levy, covering its contributions for 2023 and extending through July 2024.
The President of the ECOWAS Commission, Dr. Omar Touray, made this announcement during the 66th Ordinary Session of the ECOWAS Authority of Heads of State and Government in Abuja. He commended Nigeria’s commitment, saying “For the first time in 19 years, Nigeria has paid 100% of its community levy. This underscores the leadership and dedication of President Bola Ahmed Tinubu to the ECOWAS community.”
He also emphasized that this payment reflects confidence in his leadership, which began in 2022. Touray expressed gratitude to President Tinubu and his administration for prioritizing Nigeria’s obligations to ECOWAS, setting an example for other member states.
In his address, President Tinubu highlighted the importance of regional unity and cooperation in addressing shared challenges. He stressed that ECOWAS was founded on the vision of fostering economic and political integration to benefit the people of West Africa.
As Chairman of ECOWAS, Tinubu urged member states to fulfill their financial commitments to support initiatives such as the ECOWAS Standby Force, which aims to address insecurity, terrorism, and other regional threats.
The summit also discussed the implementation of the ECO, ECOWAS’s proposed single currency, as part of efforts to deepen regional economic integration.
The payment presents opportunities for Nigeria to benefit from ECOWAS’s initiatives, such as trade agreements, infrastructure development, and regional economic integration. It strengthens Nigeria’s influence within ECOWAS and enhances her ability to shape regional policies.
This, in turn, enhances its credibility and attractiveness to foreign investors. The payment may also create increased expectations from other ECOWAS member states, potentially leading to further cooperation and collaboration.
