Nigeria has secured a permanent seat on the Board of the African Central Bank (ACB) following a decision by the Executive Council of the African Union (AU) at its 39th session, marking a significant milestone in the country’s continental diplomatic and economic engagements.
The Minister of Foreign Affairs, Yusuf Tuggar, disclosed on Friday, describing the development as a landmark achievement that reinforces Nigeria’s strategic role in shaping Africa’s financial and monetary architecture.
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According to Tuggar, the decision reflects Nigeria’s economic weight, technical expertise, and longstanding commitment to Africa’s monetary integration agenda.
He noted that the permanent seat also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, the precursor institution to the establishment of the African Central Bank.
“The Council’s agreement to grant Nigeria a permanent seat on the Board of the African Central Bank underscores the country’s strategic role in shaping Africa’s financial architecture,” the minister stated.
The African Central Bank is one of the flagship financial institutions envisioned under the AU’s Agenda 2063 framework, designed to accelerate economic integration and deepen financial cooperation among member states.
Once operational, the ACB is expected to play a pivotal role in harmonising monetary policy frameworks and advancing the continent’s long-term goal of a single African currency.
Beyond the financial sector milestone, Nigeria also recorded gains in the area of peace and security during the session.
Tuggar revealed that candidates collectively endorsed by the Economic Community of West African States (ECOWAS) were successfully elected to the AU Peace and Security Council, reflecting regional cohesion and unity.
He said the outcome demonstrated strong cooperation among ECOWAS member states and underscored West Africa’s shared commitment to promoting stability and collective security across the continent.
In the area of democratic governance, Nigeria organised a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy on the margins of the session.
The event drew participation from ministers, senior government officials, and delegates from across Africa and the international community.
Tuggar explained that the panel facilitated constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional mechanisms to sustain democratic values across member states.
The minister said Nigeria’s engagements and outcomes at the 39th Executive Council session reaffirm the country’s commitment to the core objectives of the African Union, particularly economic integration, institutional development, peace and security, and democratic governance.
He added that the Federal Government remains committed to working closely with AU member states and regional bodies to advance Africa’s shared prosperity and sustainable development agenda.