In a historic achievement, Nigeria has met 100 percent of its financial obligations to the Economic Community of West African States (ECOWAS) for the first time in nearly two decades. The nation made a complete payment of its community levy, totaling ₦84 billion and $54 million, covering the entirety of 2023 and extending through July 2024.
The announcement was made by Dr. Omar Touray, President of the ECOWAS Commission, during the 66th Ordinary Summit of the ECOWAS Authority of Heads of State and Government, held at the State House in Abuja. Dr. Touray described the development as a significant milestone in Nigeria’s commitment to regional cooperation and economic integration.
Payment Marks Renewed Commitment
The payment, made on Friday, December 13, 2024, is a landmark moment in Nigeria’s engagement with ECOWAS. It signifies a reinvigorated dedication to fulfilling obligations that underpin the stability and growth of the West African region. Dr. Touray credited this achievement to the leadership of President Bola Ahmed Tinubu, alongside the efforts of the Nigerian government and its citizens.
“This payment underscores the leadership and commitment of President Bola Ahmed Tinubu, the government, and the people of Nigeria to the ECOWAS community. It is a demonstration of Nigeria’s unwavering support for regional integration and development,” Dr. Touray remarked.
He added, “The good news is that, for the first time in 19 years, Nigeria has decided to pay 100 percent of its community levy up to 2023. Nigeria paid ₦84 billion and $54 million, representing the 2023 levy and a significant portion of the 2024 levy, covering up to July 2024. This payment was made on December 13, 2024.”
A Personal Milestone for ECOWAS Leadership
Dr. Touray, who has been serving as ECOWAS Commission President since 2022, expressed his gratitude and acknowledged the payment as a personal milestone in his tenure. He emphasized that Nigeria’s financial commitment is a mark of confidence in the vision of ECOWAS and its leadership.
“At a more personal level, it underscores a mark of confidence in the ECOWAS Commission under my leadership. My colleagues and I are deeply grateful for this renewed trust,” Dr. Touray said.
Nigeria’s Role in ECOWAS
Nigeria’s full payment highlights its pivotal role as a leader within the ECOWAS community. As the largest economy in West Africa, Nigeria’s support is instrumental in fostering economic stability, enhancing security, and driving development across the region.
The payment also demonstrates Nigeria’s alignment with the objectives of ECOWAS, which include promoting economic integration, fostering peace and security, and creating opportunities for sustainable growth among member states.
Setting a Precedent for Regional Integration
This development sets a new precedent for Nigeria’s relationship with ECOWAS and underscores the nation’s resolve to uphold its commitments to the regional body. By fulfilling its financial obligations, Nigeria reinforces its position as a dependable partner in advancing the collective goals of the West African community.
As Nigeria ushers in a new era of regional cooperation under the leadership of President Tinubu, the full payment of the community levy symbolizes a commitment to strengthening ECOWAS and ensuring its success in addressing the challenges facing the region.
