Nigeria has fully paid its ECOWAS levy for the first time in 19 years, contributing ₦85.54 billion and $54 million. The payment, announced during the 66th ECOWAS summit, reaffirms Nigeria's leadership in West Africa and supports regional integration efforts amidst discussions on the single currency and recent geopolitical challenges.
Nigeria has achieved a milestone by fully paying its Economic Community of West African States (ECOWAS) levy for the first time in 19 years. The payment, amounting to ₦85.54 billion and $54 million, covers Nigeria’s obligations for 2023 and part of 2024.
This significant development was announced by Omar Touray, President of the ECOWAS Commission, during the 66th ordinary summit held in Abuja. Touray described the payment as a "vote of confidence" in ECOWAS and a reaffirmation of Nigeria’s leadership role in West Africa. The funds will support regional integration efforts and key developmental initiatives.
President Bola Ahmed Tinubu, who chaired the summit, lauded Nigeria’s renewed commitment to ECOWAS and its role in fostering regional cooperation. The summit also addressed critical issues, including the withdrawal of Burkina Faso, Mali, and Niger from ECOWAS due to recent military coups. These nations have formed the Alliance of Sahel States (AES), prompting discussions on managing the diplomatic fallout.
Additionally, leaders deliberated on plans for the proposed single currency for West Africa, the ECO, and strategies to strengthen economic collaboration among member states.
