Nigeria Secures Permanent Seat on the Board of African Central Bank

Nigeria has secured a permanent seat on the Board of the African Central Bank, marking a major diplomatic and financial milestone for the country.

The development was announced at the 39th Session of the Executive Council of the African Union.

Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, disclosed the decision in a statement issued on Friday.

He described it as one of the most significant outcomes of the high-level meeting.

According to Tuggar, the African Union Executive Council approved Nigeria’s permanent position on the Board of the African Central Bank.

He said the move strengthens Nigeria’s role in shaping Africa’s financial future.

“This landmark development underscores Nigeria’s strategic role in shaping Africa’s financial architecture. 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,” Tuggar stated.

The African Monetary Institute is expected to lay the groundwork for the eventual creation of a continent-wide central banking system.

The initiative forms part of the African Union’s long-term vision for deeper economic and monetary integration.

Tuggar said the decision reflects Nigeria’s economic weight and technical expertise.

He added that it highlights the country’s commitment to advancing Africa’s monetary integration agenda.

ECOWAS Gains Peace and Security Seat

Beyond the financial milestone, Tuggar also announced that the Economic Community of West African States (ECOWAS) secured a seat on the African Union Peace and Security Council.

He described the outcome as a demonstration of regional unity.

According to him, the election of the ECOWAS candidate signals strong cooperation among West African states.

He said it also reinforces their shared commitment to peace and stability across the continent.

Nigeria played an active role during the session.

Tuggar highlighted the country’s leadership in promoting democratic governance.

He said Nigeria organized a high-level ministerial panel titled “Regional Partnerships for Democracy.”

The event brought together ministers, senior officials, and delegates from across Africa and beyond.

“The panel facilitated constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional approaches to sustaining democratic values,” he said.

Commitment to African Union Goals

Tuggar emphasized that Nigeria’s participation at the 39th Executive Council session aligns with the broader objectives of the African Union.

He said the outcomes reflect Nigeria’s dedication to economic integration, institutional development, and democratic governance.

“Nigeria’s engagements and outcomes at the 39th Executive Session of the Executive Council reaffirm the country’s commitment to the ideals and objectives of the African Union,” he said.

He added that the Federal Government remains committed to working with other member states and regional bodies.

“The Federal Government of Nigeria remains dedicated to working collaboratively with Member States and regional bodies to advance Africa’s shared prosperity and sustainable development,” Tuggar stated.

The permanent seat on the African Central Bank Board positions Nigeria at the center of ongoing conversations about Africa’s financial independence and economic coordination.

As the continent pushes for stronger institutions, Nigeria’s expanded role could influence key decisions shaping Africa’s monetary future.

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