Nigeria clears ₦84bn, $54m debts to ECOWAS

Nigeria clears ₦84bn, $54m debts to ECOWAS 

Nigeria has paid its debts of ₦84 billion and $54 million to the Economic Community of West African States (ECOWAS).

This covers the country’s financial obligations or contributions to the regional group for 2023 through to July 2024.

The announcement was made on Sunday 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.

The summit was held at the Old Banquet Hall of the Presidential Villa, Abuja.

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 per cent 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,” Touray said.

He also said, “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.”

As the largest economy and a founding member of ECOWAS, Nigeria plays a pivotal role in the organisation’s initiatives aimed at fostering economic integration, political stability and regional security.