The African Union (AU) has officially approved Nigeria's permanent membership on the Board of the African Monetary Institute (AMI), a pivotal step in the continent's push toward monetary integration and the eventual establishment of the African Central Bank (ACB). Central Bank of Nigeria (CBN) Governor Olayemi Cardoso hailed the move as a "historic milestone" that underscores Nigeria's leadership in shaping Africa's financial future.
The decision was endorsed by AU Heads of State and Government during the 39th Ordinary Session of the Assembly at the February 2026 Summit in Addis Ababa. It followed prior adoption by the AU Executive Council at its 48th Ordinary Session. The AMI serves as the transitional institution preparing for the ACB's creation, focusing on monetary convergence, policy harmonisation, and groundwork for a potential single African currency.
Cardoso expressed strong appreciation for the AU's recognition. "This historic decision marks a significant milestone in Africa’s financial integration journey and further emphasises Nigeria’s strategic role in shaping the continent’s evolving financial architecture," he stated in a CBN release. He added that the CBN intends to deepen collaboration with other African central banks to advance the agenda.
The permanent seat on the AMI Board is time-bound to the transitional phase leading up to the ACB's formal establishment. It includes a sunset clause that activates upon the ACB's launch, aligning with AU principles of rotation, equity, and regional balance. Nigeria's inclusion also extends to the Convergence Council, reinforcing its influence during this preparatory period.
This development builds on Nigeria's broader gains at the summit. The AU Executive Council separately approved a permanent seat for Nigeria on the Board of the future African Central Bank itself, as announced by the Ministry of Foreign Affairs. Minister Yusuf Tuggar described it as a "major highlight" and a testament to Nigeria's economic weight, technical expertise, and commitment to continental integration.
"The 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," Tuggar said in an official statement. He emphasised that these outcomes affirm Nigeria's role in advancing Africa's monetary integration under Agenda 2063.
Nigeria's elevated position comes amid ongoing efforts to realise the ACB, envisioned as headquartered in Abuja. The AMI's work on convergence criteria and institutional frameworks positions Nigeria centrally in discussions that could transform intra-African trade and economic stability.