Nigeria Achieves Permanent Membership on African Central Bank Board at AU Summit

Nigeria has attained a crucial diplomatic achievement following the 39th Session of the African Union (AU) Executive Council, having gained a permanent seat on the Board of the African Central Bank.

This announcement was made by Ambassador Yusuf Tuggar, the Minister of Foreign Affairs, illustrating Nigeria's increasing role in shaping the continent's financial framework.

Ambassador Tuggar remarked, "The Council's decision to grant Nigeria a permanent seat on the Board of the African Central Bank is a remarkable milestone."

He further elaborated that this decision also positions Nigeria on the Board of the Technical Convergence Committee of the African Monetary Institute, which is a step towards establishing the African Central Bank.

This accomplishment highlights Nigeria’s economic importance, technical expertise, and its dedication to fostering Africa’s monetary integration.

In addition to financial matters, the summit underscored Nigeria’s pivotal role in advocating for peace, security, and democratic governance throughout Africa. The session witnessed the successful election of candidates backed by the Economic Community of West African States (ECOWAS) to the Peace and Security Council.

Ambassador Tuggar emphasized, "This result underscores the strong cooperation and unity among ECOWAS Member States and their collective commitment to ensuring stability and security across the continent."

Furthermore, Nigeria took the initiative in hosting a Ministerial High-Level Panel Discussion focused on Regional Partnerships for Democracy, which brought together ministers, senior government representatives, and delegates from various nations and international organizations.

Ambassador Tuggar noted that the panel facilitated valuable discussions aimed at enhancing democratic institutions, fostering inclusive governance, and strengthening regional collaborations to uphold democratic principles.

He stated, "The discussions and the outcomes of the 39th Executive Session reaffirm Nigeria’s commitment to the principles and goals of the African Union, particularly in promoting economic integration, institutional growth, peace, security, and democratic governance across the continent."

In conclusion, Ambassador Tuggar reiterated the Federal Government’s determination to collaborate with AU Member States and regional organizations, asserting, "Nigeria remains committed to advancing Africa’s collective prosperity and sustainable development."