Monday, December 16, 2024
HomeForeign newsNigeria Pays N85bn, $54m ECOWAS Levy After 19 Years

Nigeria Pays N85bn, $54m ECOWAS Levy After 19 Years

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.

The announcement was made by Omar Touray, president of the ECOWAS Commission, during the 66th ordinary summit of ECOWAS in Abuja on Sunday. He described the payment as “a vote of confidence” in the organization and a clear demonstration of Nigeria’s leadership within West Africa.

Touray emphasized the significance of the payment, noting that it would strengthen ECOWAS efforts in regional integration and development. The payment, completed on December 13, 2024, represents a major milestone in Nigeria’s relationship with ECOWAS.

In recent years, Nigeria had struggled to fulfill its financial obligations to the regional body. However, this latest payment signals a renewed commitment to the organization.

During the summit, President Bola Ahmed Tinubu, serving as the chair of the event, commended Nigeria’s pivotal role in ECOWAS.

The meeting also tackled pressing regional concerns, including the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS following military coups in these countries. These nations have since formed the Alliance of Sahel States (AES), prompting discussions on how to address the issue diplomatically.

Additionally, the summit explored the proposed single currency for West Africa, the ECO, and strategies to boost economic cooperation among member states.

The developments mark an important chapter for Nigeria and ECOWAS, highlighting efforts to advance regional integration, resolve geopolitical tensions, and enhance economic unity across West Africa.

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