Cardoso Praises Nigeria’s Permanent Membership on African Monetary Institute Board

The recent African Union (AU) decision to formally confirm Nigeria’s permanent participation on the Board of the African Monetary Institute (AMI) has been praised by Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN).
The praise was delivered by Cardoso in an Abuja statement on Monday.

The approval was declared at the 39th Ordinary Session of the Assembly of the African Union (AU) during its February summit, according to the News Agency of Nigeria (NAN).

It came after the AU Executive Council’s 48th Ordinary Session had previously adopted it.

The AMI serves as a forerunner to the African Central Bank (ACB), which will have its headquarters in Abuja, Nigeria, and was founded under the AU’s financial institutions agenda.

Cardoso claimed that Nigeria and the continent would greatly benefit from hosting the AMI and, later, the African Central Bank.

In addition to strengthening Nigeria’s voice and influence in forming the continent’s single currency architecture, he claimed that it would establish Nigeria as the focal point of Africa’s developing monetary union.

Nigeria becomes a permanent member of the Convergence Council as a result of the decision, he said.

Nigeria’s critical position in forming the continent’s changing financial architecture is further highlighted by this historic decision, which he said represents a significant milestone in Africa’s financial integration journey.

The governor of the CBN stated that its execution was an important step in promoting monetary cooperation, strengthening macroeconomic convergence, and advancing Africa’s long-term goals of financial sovereignty and economic integration.

According to him, the heads of state and government of the African Union at the summit reinforced the course by supporting Nigeria’s permanent presence on the AMI Board.

He stated that the role would be maintained during the period of transition until the ACB was formally established.

A major, strategic, and historic part of reaching this milestone was performed by the CBN in collaboration with the Ministries of Foreign Affairs, Justice, and Finance.

The Bank spearheaded the technical work that resulted in the Draft AMI Statute, which was accepted at the 5th Extraordinary Meeting of the Specialized Technical Committee on Finance in Abuja over the previous few years.

Additionally, it gave the AU the basic infrastructure and logistical support needed for AMI’s instant debut.

In order to maintain Nigeria’s advocacy at the highest political levels, the CBN also took part in an interministerial partnership with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency:

Cardoso claims that the most recent achievement is the result of teamwork based on persistent willpower, structural changes, strategic diplomacy, technical coherence, and a fresh macroeconomic focus.

“These efforts have resulted in improved management of external reserves, banking supervision, monetary stability, and modernization of the payment system,” he stated.

Overall, Nigeria’s increased credibility and influence throughout the continent is proof that these efforts are producing results that are reaching unprecedented heights.

“We will keep working together with Member States, the Association of African Central Banks, the AU Commission, and development partners to lay a strong basis for the ACB and the future African Single Currency.”

He claimed that Nigeria’s permanent seat was subject to a sunset clause upon the creation of the ACB and was time-bound to the AMI transition period.

“This design ensures that the host country stays embedded in governance during AMI’s formative years, while fully respecting the AU principles of rotation, equity, and regional balance,” he said.

Cardoso called the achievement a success for Nigeria and a victory for Africa’s integration and monetary sovereignty, while also thanking President Bola Tinubu and Vice-President Kashim Shettima for their strategic assistance.On www.nannews.ng, NAN