Addis Ababa, Ethiopia – Nigeria has secured a permanent seat on the Board of the African Central Bank, marking a significant step in the continent’s push for financial integration, the Ministry of Foreign Affairs has announced.
Okay News reports that the decision was reached during the 48th Session of the Executive Council of the African Union, which concluded Friday in Addis Ababa, Ethiopia. A statement signed by Kimiebi Imomotimi Ebienfa, the ministry’s spokesperson, described the development as a landmark moment for Nigeria and Africa’s financial governance structure. The Nigerian delegation at the session included officials from the Ministry of Foreign Affairs and the Ministry of Finance and Coordinating Ministry of the Economy.
The Ministry of Foreign Affairs noted that the agreement was one of the major highlights of the Executive Council session. “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, a landmark development that underscores Nigeria’s strategic role in shaping Africa’s financial architecture,” the statement read. The ministry added 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.
This development consolidates Nigeria’s leadership role in advancing Africa’s economic integration, peace, security, and democratic governance. It also affirms the country’s technical capacity and economic significance in driving the continent’s monetary integration agenda. Therefore, the permanent seat positions Nigeria at the heart of discussions shaping Africa’s emerging financial architecture.
The decision builds on commitments made nearly two years ago. During the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union in Addis Ababa, President Bola Tinubu reassured African leaders of Nigeria’s willingness to host the African Central Bank. He pledged collaboration with the African Union Commission and member states to establish the bank by 2028, in line with provisions of the Abuja Treaty. Tinubu categorised Africa’s challenges into externally engineered and locally induced issues, stressing that the continent’s success depends on firm collective resolve anchored on deep-rooted solidarity.
The African Central Bank is one of the financial institutions envisioned under the framework of the African Economic Community. Its purpose is to drive monetary cooperation and integration among member states. The Treaty Establishing the African Economic Community, known as the Abuja Treaty, was adopted on June 3, 1991, and entered into force on May 12, 1994. The treaty aims to foster social, economic, and cultural development through deeper integration and provides for the creation of an African Economic Community through a gradual process over 34 years.
According to the African Union Constitutive Act, the proposed headquarters of the African Central Bank will be located in Abuja, Nigeria. Therefore, this permanent board seat not only reinforces Nigeria’s central role in continental economic policymaking but also aligns with earlier commitments to host the bank’s headquarters. It signals growing recognition of Nigeria’s economic weight within the African Union framework.
What happens next depends on the work of the Technical Convergence Committee and the African Monetary Institute. These bodies will lay the groundwork for the full establishment of the African Central Bank, with member states targeting 2028 for its operational launch. Financial integration advocates will watch whether this momentum translates into concrete progress toward a single African currency and unified monetary policy.
