Nigeria has strengthened its influence in Africa’s financial governance after the executive council of the African Union approved the country’s permanent representation on the board of the African Central Bank.
The development was confirmed by the Minister of Foreign Affairs, Yusuf Tuggar, at the close of the AU’s 39th Executive Council session, which took place alongside the African Union Summit in Addis Ababa.
Tuggar described the decision as a significant diplomatic breakthrough, saying it highlights Nigeria’s expanding role in shaping the continent’s economic future.
“A major highlight of the session was the Council’s agreement to grant Nigeria a permanent seat on the Board of the African Central Bank,” he said.
“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.”
The minister noted that the move reflects confidence in Nigeria’s economic capacity, technical competence and commitment to Africa’s monetary integration drive.
He added that Nigeria also recorded progress in the areas of peace, security and democratic development during the council meeting.
According to Tuggar, nominees collectively supported by the Economic Community of West African States emerged successfully into the AU Peace and Security Council.
“This outcome reflects the strong cohesion, cooperation, and unity among ECOWAS Member States, as well as the region’s shared commitment to promoting stability and collective security across the continent,” he said.
The foreign minister further disclosed that Nigeria spearheaded democratic engagement efforts by convening a Ministerial High-Level Panel on Regional Partnerships for Democracy.
“Furthermore, Nigeria demonstrated leadership in strengthening democratic governance across Africa by organising a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy,” he stated.
“The event attracted wide participation from ministers, senior government officials, and delegates, not only from the West African region but from across the continent and the international community.”
He explained that discussions at the forum focused on reinforcing democratic institutions, promoting inclusive leadership and boosting regional collaboration to sustain democratic ideals.
Tuggar concluded that Nigeria’s outcomes at the Executive Council session reaffirm the country’s loyalty to the vision of the African Union, stressing that the federal government remains committed to working with member states to advance economic integration, institutional growth, peace, security and sustainable development across Africa.
