Nigeria Pays $85.54bn ECOWAS Levy Backlog

Nigeria has fulfilled its financial obligations to the Economic Community of West African States (ECOWAS) with the payment of 100% of its community levy for 2023.

The payment, amounting to $85.54 billion, also included the levy for 2024 up to July.

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 at the State House in Abuja on Sunday.

Dr. Touray expressed gratitude for Nigeria’s renewed commitment, highlighting the significance of the payment.

“This is the first time in 19 years that Nigeria has met its obligation in full. This remarkable contribution underscores the leadership and commitment of President Bola Ahmed Tinubu, the government, and the people of Nigeria to the ECOWAS community,” he said.

The payment, made on Friday, December 13, 2024, signals Nigeria’s dedication to regional integration and cooperation.

Dr. Touray emphasised that the move reflects confidence in ECOWAS under his leadership since 2022 and sets a positive tone for strengthening ties among member states.

Nigeria’s full settlement of its levy is expected to bolster ECOWAS’ capacity to address regional challenges and implement its programs effectively, marking a significant milestone in the country’s relationship with the West African bloc.