Nigeria Fully Meets ECOWAS Financial Obligations For The First Time In 19 Years

Nigeria Achieves 100% ECOWAS Payment After 19 Years

For the first time in nearly two decades, Nigeria has fully paid its financial contributions to the Economic Community of West African States (ECOWAS). The payment, which totals ₦84 billion and $54 million, covers Nigeria’s community levy for 2023 and extends through July 2024.

The announcement was made by the President of the ECOWAS Commission, Dr. Omar Touray, during the 66th Ordinary Summit of the ECOWAS Authority of Heads of State and Government. The summit took place at the Old Banquet Hall of the Presidential Villa in Abuja on Sunday, December 13, 2024.

Dr. Touray hailed this achievement as a historic milestone, describing it as a significant step in Nigeria’s commitment to regional integration and development.

“For the first time in 19 years, Nigeria has paid 100 percent of its community levy, covering 2023 and extending to July 2024. The total payment amounts to ₦84 billion and $54 million. This underscores the leadership and dedication of President Bola Ahmed Tinubu, the government, and the people of Nigeria to the ECOWAS community,” Dr. Touray remarked.

Leadership Behind the Payment

The successful payment was credited to the leadership of President Bola Ahmed Tinubu. His administration prioritized fulfilling Nigeria’s financial obligations to ECOWAS, reinforcing the country’s commitment to the regional body. Dr. Touray also emphasized that this act reflects confidence in ECOWAS’s vision and the ongoing reforms initiated under his leadership as ECOWAS Commission President since 2022.

“This payment is a mark of confidence in the ECOWAS that I have been privileged to lead since 2022. My colleagues and I are deeply grateful for Nigeria’s steadfast support,” Dr. Touray added.

Nigeria’s Role in ECOWAS

As the largest economy in West Africa and a founding member of ECOWAS, Nigeria has always played a pivotal role in promoting economic integration, political stability, and regional security. By fulfilling its financial obligations, Nigeria reaffirms its leadership position within the regional bloc and sets a commendable example for other member states.

This milestone highlights Nigeria’s dedication to strengthening regional collaboration and advancing the shared objectives of ECOWAS, ensuring long-term benefits for all member countries.