Nigeria wins permanent seat on African Central Bank Board

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, in what the Federal Government has described as a significant diplomatic milestone.

In a statement issued on Friday, the Minister of Foreign Affairs, Yusuf Tuggar, said the development marked a major step in strengthening Nigeria’s influence in Africa’s financial and governance structures.

According to the statement, “Nigeria recorded significant diplomatic and institutional achievements, consolidating its leadership role in advancing Africa’s economic integration, peace, security, and democratic governance” during the just-concluded session.

A key outcome of the meeting was the Executive Council’s decision to grant Nigeria a permanent seat on the Board of the African Central Bank. The statement described the move as a “landmark development” that underscores the country’s strategic importance in shaping the continent’s financial system.

It added that the decision also secures Nigeria’s representation on the Board of the Technical Convergence Committee of the African Monetary Institute, which is expected to pave the way for the establishment of the African Central Bank.

“These developments affirm Nigeria’s technical capacity, economic significance, and commitment to advancing Africa’s monetary integration agenda,” the minister stated.

On regional security, the statement noted that candidates jointly endorsed by the Economic Community of West African States were successfully elected to the Peace and Security Council. Tuggar said the outcome reflected “the strong cohesion, cooperation, and unity among ECOWAS Member States,” as well as a shared resolve to promote stability and collective security across Africa.

Nigeria also used the platform to advance democratic governance, hosting a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy. The event drew ministers, senior officials and delegates from across Africa and the wider international community.

The panel, the statement said, encouraged “constructive dialogue on strengthening democratic institutions, fostering inclusive governance, and enhancing collaborative regional approaches to sustaining democratic values.”

Tuggar maintained that Nigeria’s engagements at the 39th Executive Council session reaffirmed its commitment to the ideals of the African Union, particularly in promoting economic integration, institutional growth, peace, security and democratic governance.

“The Federal Government of Nigeria remains dedicated to working collaboratively with Member States and regional bodies to advance Africa’s shared prosperity and sustainable development,” the statement added.