Nigeria has clinched a permanent seat on the Board of the African Monetary Institute (AMI), strengthening its influence in Africa’s ongoing push for monetary integration and paving the way toward the proposed African Central Bank (ACB).
The milestone was confirmed at the 39th Ordinary Session of the African Union (AU) Assembly, after earlier endorsement by the AU Executive Council during its 48th Ordinary Session.
The AMI, designed as a precursor to the African Central Bank, will be headquartered in Abuja a development that firmly places Nigeria at the heart of Africa’s emerging financial system.
For decades, African leaders and policymakers have pursued the vision of a unified monetary framework for the continent. Nigeria’s permanent seat on the AMI Board marks a significant step in translating that ambition into reality.
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, described the achievement as a defining moment for both Nigeria and the continent.
He characterized the development as a historic milestone in Africa’s financial integration journey and an acknowledgment of Nigeria’s strategic role in shaping the continent’s evolving financial architecture. According to him, the breakthrough reflects years of sustained reforms, diplomatic engagement, and technical groundwork.
Cardoso explained that Nigeria’s success is rooted in structural reforms, strategic diplomacy, technical consistency, and renewed macroeconomic direction. He noted that these efforts have strengthened monetary stability, improved management of external reserves, enhanced banking supervision, and modernized payment systems. As a result, Nigeria’s credibility and influence across Africa have significantly grown.
Nigeria’s path to securing the permanent seat was deliberate and methodical. The CBN spearheaded the drafting of the AMI Statute, which was approved at the 5th Extraordinary Meeting of the AU’s Specialised Technical Committee on Finance. The country also provided initial hosting facilities and logistical support for the institute’s launch.
In addition, coordinated efforts among key government institutions — including the Ministries of Finance, Foreign Affairs, Justice, and the Presidency ensured sustained advocacy at the highest political levels within the AU framework.
This inter-ministerial collaboration played a pivotal role in consolidating Nigeria’s position during negotiations and deliberations.
As a permanent Board member during the transition phase toward the establishment of the African Central Bank, Nigeria will assume both governance and technical oversight responsibilities.
The arrangement includes a sunset clause in line with AU principles of rotation, equity, and regional balance.
During this period, Nigeria will help guide the implementation of the continent’s monetary integration agenda.
Beyond its AMI Board membership, Nigeria has also secured permanent representation on the Convergence Council the body responsible for driving macroeconomic alignment and monetary cooperation among member states.
This dual responsibility positions Nigeria to play a central role in shaping the proposed African Single Currency framework.
Cardoso emphasized that hosting the AMI and eventually the African Central Bank places Nigeria at the epicenter of Africa’s monetary union project. According to him, the development amplifies Nigeria’s voice in designing the continent’s single currency architecture and reinforces its leadership in financial integration.
The CBN Governor expressed appreciation to President Bola Tinubu and Vice President Senator Kashim Shettima for their support and guidance, noting that the achievement represents not just a national victory but a broader triumph for Africa’s integration and monetary sovereignty.
Looking ahead, the CBN pledged to continue collaborating closely with the African Union Commission, the Association of African Central Banks, member states, and development partners to ensure a smooth transition from the African Monetary Institute to the African Central Bank.
The overarching objective, Cardoso said, is to lay a solid institutional foundation that will advance Africa’s long-term goals of financial stability, economic integration, and monetary independence.
