Nigeria fulfills 100% financial obligation to ECOWAS for the first time in 20 years

By: Keith Morrison

— Pays ₦84bn and $54m to Cover 2023 to July 2024

Nigeria, Abuja-December 15, 2024-For the first time in nearly two decades, Nigeria has fully met its financial obligations to the Economic Community of West African States (ECOWAS), paying 100 percent of its community levy.

The payment, totaling ₦84 billion and $54 million, covers Nigeria’s contributions 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, held on Sunday at the Old Banquet Hall of the Presidential Villa, Abuja.

Dr. Touray described the payment, completed on Friday, December 13, 2024, as a historic milestone 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 said.

Dr. Touray credited the achievement to the leadership of President Tinubu, whose administration prioritized fulfilling Nigeria’s obligations to the regional body. He also highlighted the payment as a vote of confidence in ECOWAS’s vision and the ongoing reforms under his tenure as ECOWAS Commission President, which began in 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,” he added.

As the largest economy and a founding member of ECOWAS, Nigeria plays a pivotal role in the organization’s initiatives aimed at fostering economic integration, political stability, and regional security. The fulfillment of its financial obligations reaffirms Nigeria’s leadership within the West African community and sets a precedent for other member states.

Edited: Keith Morrison