BREAKING: Nigeria Secures Permanent Seat on African Central Bank Board at AU Summit

By Emmanuel Kwada

Nigeria has achieved a significant diplomatic victory at the just-concluded 39th Session of the African Union (AU) Executive Council, securing a permanent seat on the Board of the proposed African Central Bank (ACB).

According to a press statement from the Ministry of Foreign Affairs, signed by Minister Ambassador Yusuf Tuggar, this landmark decision highlights Nigeria’s pivotal role in shaping the continent’s financial future and advancing monetary integration across Africa.

The agreement, reached during the session held in Addis Ababa, Ethiopia, as part of the broader 39th AU Summit activities, also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute (AMI). The AMI serves as the foundational institution paving the way for the full establishment of the African Central Bank.

The statement described the development as a recognition of Nigeria’s technical expertise, economic weight, and strong dedication to the African Union’s agenda for a unified monetary framework.

In addition to the financial sector gains, Nigeria contributed to peace and security efforts on the continent. The Executive Council successfully elected candidates jointly endorsed by the Economic Community of West African States (ECOWAS) to the AU Peace and Security Council. This outcome demonstrates the unity and collaborative spirit among West African nations in promoting regional and continental stability.

Nigeria further showcased leadership in democratic governance by hosting a high-level Ministerial Panel Discussion on Regional Partnerships for Democracy.

The event drew participation from ministers, senior officials, delegates from across Africa, and international partners. Discussions focused on bolstering democratic institutions, promoting inclusive governance, and developing joint regional strategies to uphold democratic principles.

These accomplishments during the 39th Executive Council session reinforce Nigeria’s steadfast commitment to the AU’s core goals, including deeper economic integration, stronger institutions, peace and security, and democratic progress throughout Africa.

The Federal Government reiterated its pledge to continue partnering with other AU member states and regional organizations to drive shared prosperity and sustainable development on the continent.

The AU’s ongoing efforts toward establishing the African Central Bank remain part of the broader continental push for financial sovereignty and integration, with Nigeria now positioned to play an influential ongoing role in its governance structure.