Nigeria has paid its first full Economic Community Of West African States (ECOWAS) fee in 19 years, giving N85.54 billion and $54 million for 2023 and part of 2024.
The declaration was made by Omar Touray, president of the ECOWAS Commission, at the 66th ordinary summit of ECOWAS on Sunday in Abuja.
He described the payment as “a vote of confidence” in the group and a show of Nigeria’s leadership in West Africa.
Touray further emphasised the significance of the payment, stating that it will help ECOWAS’ efforts in regional integration and development.
The payment, paid on December 13, 2024, is a watershed event in Nigeria’s relationship with ECOWAS.
Nigeria had struggled to satisfy its financial obligations to the regional group in previous years, but this action demonstrates a renewed commitment to the organisation.
At the summit, President Bola Ahmed Tinubu, who is chairing it, complimented Nigeria’s participation in the regional body.
The conference also discussed other critical topics, such as Burkina Faso, Mali, and Niger’s exit from ECOWAS following military coups in those countries.
These nations have created the Alliance of Sahel States (AES), and leaders are currently attempting to control the situation diplomatically.
The meeting will also debate the planned common currency for West Africa, the ECO, and methods to strengthen member states’ economic cooperation.
SOURCE: THECABLE
