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.
Omar Touray, president of the ECOWAS Commission, made the announcement during the 66th ordinary summit of ECOWAS in Abuja on Sunday.
He called the payment “a vote of confidence” in the organisation and a demonstration of Nigeria’s leadership in West Africa.
The payment, made on December 13, 2024, marks a key moment in the relationship between Nigeria and ECOWAS.
Nigeria had struggled to meet its financial obligations to the regional body in previous years, but this move reflects a renewed commitment to the organisation.
At the summit, President Bola Ahmed 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 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.