Nigeria has secured a permanent seat on the Board of the African Central Bank (ACB), marking a significant step forward in Africa’s financial integration efforts.
This announcement was made in a statement by Kimiebi Imomotimi Ebienfa, Spokesperson for Nigeria’s Ministry of Foreign Affairs, on Friday in Abuja.
The achievement is part of the diplomatic and institutional successes recorded by Nigeria’s delegation, which included representatives from the Ministry of Foreign Affairs, the Ministry of Finance, and the Coordinating Ministry of the Economy, during the recently concluded 48th Session of the Executive Council of the African Union (AU).
According to the Ministry of Foreign Affairs, this milestone highlights Nigeria’s critical role in shaping Africa’s financial systems and promoting deeper economic integration across the continent.
Key Highlights
The Ministry described the decision as a landmark moment for both Nigeria and Africa’s financial governance. It emphasized that the agreement was one of the most notable outcomes of the Executive Council session.
“A key highlight of the session was the Council’s decision to grant Nigeria a permanent seat on the Board of the African Central Bank. This is a landmark development that underscores Nigeria’s strategic role in shaping Africa’s financial architecture,” the Ministry stated.
The Ministry also noted that this decision extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, which is a precursor to the establishment of the African Central Bank.
Additionally, the Ministry highlighted that this achievement reinforces Nigeria’s leadership in advancing Africa’s economic integration, peace, security, and democratic governance. It also affirms the country’s technical expertise and economic importance in driving the continent’s monetary integration agenda.
Background
This development comes nearly two years after President Bola Tinubu reaffirmed Nigeria’s commitment to hosting the African Central Bank, in line with the provisions of the Abuja Treaty.
