Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has welcomed the recent affirmation by the African Union (AU) that grants Nigeria a permanent seat on the Board of the African Monetary Institute (AMI).
This significant decision was made during the 39th Ordinary Session of the Assembly of the AU, which took place in February 2026 in Addis Ababa, Ethiopia.
The endorsement came after the Executive Council of the AU approved it during the 48th Ordinary Session held previously.
Cardoso hailed this development, characterizing it as a major achievement for Nigeria and a success for the integration and monetary independence of the African continent.
The AMI, established as part of the AU’s financial institutional agenda, is envisioned as a precursor to the upcoming African Central Bank (ACB), which is set to be located in Abuja, Nigeria.
He noted that having the AMI and subsequently the ACB based in Nigeria would yield significant advantages for the country as well as the continent at large.
Cardoso emphasized that this arrangement positions Nigeria as a key player in Africa’s rising monetary union and enhances its influence in the ongoing discussions regarding the creation of a unified African currency.
In further remarks, he praised the decision to also secure Nigeria a permanent position on the Convergence Council, stating, “This monumental decision represents a crucial milestone in Africa's financial integration efforts and underscores Nigeria's pivotal role in shaping the continent’s financial landscape.”
This move marks a necessary advancement towards achieving macroeconomic convergence along with strengthening monetary cooperation, pivotal for realizing Africa’s long-term objectives of financial autonomy and economic integration.
The governor attributed this success to collaborative efforts that encompassed a steadfast commitment, structural improvements, strategic diplomatic initiatives, technical reliability, and a renewed macroeconomic approach.
During the summit, the AU Heads of State and Government reaffirmed Nigeria's permanent representation on the AMI Board, a role that will extend throughout the transitional phase leading up to the official establishment of the ACB.
According to a statement released by the apex bank, the CBN, in conjunction with the Ministries of Foreign Affairs, Justice, and Finance, played a critical and historic role in facilitating this achievement.
Over recent years, the CBN has spearheaded the technical efforts that led to the Draft AMI Statute, which received approval at the fifth Extraordinary Meeting of the Specialized Technical Committee on Finance held in Abuja, as well as providing the AU with necessary hosting facilities and logistical support for the AMI’s immediate commencement.
Additionally, the CBN engaged in inter-ministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency to ensure Nigeria’s representation at high political levels.
Cardoso remarked, “These initiatives have resulted in improved monetary stability, better management of external reserves, banking oversight, and the modernization of payment systems.”
He emphasized that this achievement reflects Nigeria's strengthened credibility and standing across the African continent.
“We will maintain our cooperative efforts with the African Union Commission, the Association of African Central Banks, Member States, and development partners to lay a solid groundwork for the African Central Bank and the future African Single Currency,” the statement concluded.
However, it is important to note that Nigeria's permanent seat is provisional, tied to the transitional duration of the AMI and incorporating a sunset provision upon the establishment of the ACB. This framework is designed to uphold AU principles related to rotation, fairness, and regional balance while ensuring that the host country remains actively engaged in governance during AMI’s foundational phase.
In concluding his remarks, Cardoso expressed gratitude to President Bola Tinubu and Vice President Kashim Shettima for their guiding leadership, regarding Nigeria's permanent membership in the AMI as a victory for both Nigeria and the integration of Africa’s monetary systems.
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