Nigeria has officially secured permanent membership on the African Monetary Institute (AMI) Board, marking a key achievement in Africa’s drive toward monetary integration. The announcement was made during the 39th Ordinary Session of the African Union (AU) Assembly yesterday, following earlier adoption by the Executive Council at its 48th Ordinary Session.
The AMI, established as a precursor to the African Central Bank (ACB), will be headquartered in Abuja, positioning Nigeria at the center of the continent’s emerging financial architecture. For years, policymakers have envisioned a unified monetary framework for Africa, and Nigeria’s permanent board seat is a tangible step toward that goal.
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, described the development as “a historic milestone in Africa’s financial integration journey and a recognition of Nigeria’s strategic role in shaping the continent’s evolving financial architecture.”
According to Cardoso, the decision reflects years of meticulous planning and technical preparation. “These achievements are rooted in sustained determination, structural reforms, strategic diplomacy, technical consistency, and a renewed macroeconomic direction,” he said. “They have led to improved monetary stability, stronger external reserves management, enhanced banking supervision, and modernized payment systems. Nigeria’s credibility and influence across Africa have never been higher.”
The journey to this point was carefully staged. Over several years, the CBN led efforts to draft the AMI Statute, approved at the 5th Extraordinary Meeting of the AU’s Specialised Technical Committee on Finance. It also provided initial hosting facilities and essential logistics for the AMI launch. Inter-ministerial collaboration with the Ministries of Finance, Foreign Affairs, Justice, and the Presidency sustained Nigeria’s advocacy at the highest political levels, ensuring the country’s voice was heard throughout AU deliberations.
The permanent seat on the AMI Board comes with defined responsibilities during the transitional phase leading up to the establishment of the ACB. It also includes a sunset clause, respecting AU principles of rotation, equity, and regional balance. During this period, Nigeria will contribute to both governance and technical oversight, ensuring smooth implementation of Africa’s monetary agenda.
Beyond AMI membership, Nigeria has also been confirmed as a permanent member of the Convergence Council, tasked with fostering macroeconomic alignment and monetary cooperation across the continent. This dual role will give Nigeria significant influence over the design of the future African Single Currency.
Cardoso emphasized the strategic value of hosting the AMI and, eventually, the ACB: “Nigeria will be at the epicenter of Africa’s monetary union. This enhances our voice and influence in the shaping of Africa’s single currency architecture and cements our leadership in continental financial integration.”
The Governor thanked President Bola Tinubu and Vice President Senator Kashim Shettima for their guidance, noting that the milestone is “not only a victory for Nigeria but a triumph for Africa’s integration and monetary sovereignty.”
Cardoso said the CBN will continue working closely with the African Union Commission, the Association of African Central Banks, member states, and development partners to lay a solid foundation for the African Central Bank. The collaborative approach is designed to ensure a seamless transition from AMI to ACB and support Africa’s long-term vision for financial stability, economic integration, and monetary independence.
