AU Summit: Nigeria Gains Permanent Seat on African Central Bank Board

The African Union’s Executive Council has approved a permanent position for Nigeria on the governing board of the African Central Bank (ACB).

This accomplishment highlights Nigeria’s pivotal influence in developing Africa’s financial framework, according to Foreign Affairs Minister Yusuf Tuggar, who issued a statement on Friday regarding outcomes from the recently ended 39th AU session.

Tuggar noted that Nigeria made notable strides in diplomacy and institutions during the gathering, solidifying its prominent position in driving forward the continent’s economic unity, stability, safety, and principles of democracy.

“A major highlight of the session was the Council’s agreement to grant Nigeria a permanent seat on the Board of the African Central Bank,” the minister stated, adding that “this landmark development underscores Nigeria’s strategic role in shaping Africa’s financial architecture.”

He further explained that “this decision also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, which serves as the precursor to the establishment of the African Central Bank.”

These advancements, as per the diplomat, confirm Nigeria’s expertise in technical matters, its economic weight, and its dedication to progressing the agenda for monetary unification in Africa.

Regarding efforts in peace and security, Tuggar highlighted that the session featured the triumphant selection of nominees endorsed jointly by the Economic Community of West African States (ECOWAS) for the peace and security council.

“This outcome reflects the strong cohesion, cooperation, and unity among ECOWAS Member States, as well as the region’s shared commitment to promoting stability and collective security across the continent,” Tuggar remarked.

In addition, Nigeria took a leading role in bolstering democratic practices throughout Africa by hosting a high-level ministerial panel on partnerships at the regional level for democracy.

“The event attracted wide participation from ministers, senior government officials, and delegates, not only from the West African region but from across the continent and the international community,” the minister said.

Tuggar added that “the panel facilitated constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional approaches to sustaining democratic values.”

He emphasized that Nigeria’s activities and results from the 39th executive council meeting reinforce the nation’s allegiance to the African Union’s core principles and goals, especially in fostering economic cohesion, building institutions, ensuring peace, maintaining security, and upholding democracy continent-wide.

The ambassador affirmed that “the federal government remains dedicated to working collaboratively with member states and regional bodies to advance Africa’s shared prosperity and sustainable development.”