Nigeria Secures Permanent Seat on African Central Bank Board at AU Summit

Nigeria has secured a permanent seat on the Board of the African Central Bank following deliberations at the 39th Session of the Executive Council of the African Union (AU), marking a significant milestone in the country’s continental financial diplomacy.

In a statement issued by the Ministry of Foreign Affairs and signed by the Minister, Yusuf Tuggar, the Federal Government described the development as a landmark achievement that reinforces Nigeria’s strategic role in shaping Africa’s financial governance and monetary future.

Beyond the African Central Bank appointment, Nigeria also gained representation on the Board of the African Monetary Institute through the Technical Convergence Committee. According to the ministry, the decisions reflect Nigeria’s strong technical expertise, economic influence, and sustained commitment to advancing Africa’s monetary integration agenda within a robust regulatory framework.

The statement emphasized that the permanent board seat underscores Nigeria’s capacity to contribute meaningfully to continental financial architecture, including policy coordination, regulatory compliance, and institutional development. Analysts note that such representation strengthens Nigeria’s voice in shaping regulatory policy, financial stability mechanisms, and long-term regulatory risk management strategies across Africa.

The outcomes of the summit further consolidate Nigeria’s leadership position in promoting economic integration, institutional strengthening, and democratic governance on the continent. In the area of peace and security, candidates jointly endorsed by the Economic Community of West African States (ECOWAS) were successfully elected to the AU Peace and Security Council, reflecting regional cohesion and collaborative security governance.

The ministry stated that this achievement demonstrates the unity and cooperation among ECOWAS member states and their shared commitment to stability, collective security, and structured governance systems aligned with continental objectives.

On the sidelines of the summit, Nigeria hosted a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy. The session attracted ministers, senior officials, and international delegates, facilitating dialogue on strengthening democratic institutions, fostering inclusive governance, and advancing coordinated regional strategies.

From a governance and compliance perspective, Nigeria’s expanded role within AU financial institutions positions the country to influence continental standards on compliance management, internal controls, and institutional accountability. Participation at board level will likely contribute to the development of harmonized monetary systems supported by structured oversight, enhanced risk assessment, and effective supervisory mechanisms.

The Federal Government reaffirmed its commitment to the AU’s objectives, including economic integration, peace, security, and sustainable development. It pledged continued collaboration with member states and regional bodies to promote shared prosperity and resilient growth across Africa, anchored on strong governance, institutional integrity, and forward-looking financial regulation.