Nigeria Renews Push To Host AU Monetary Institute

Nigeria has intensified its bid to host the African Union’s African Monetary Institute (AMI), with the Federal Ministry of Finance leading coordinated efforts to secure the institution ahead of its planned 2026 operationalisation.

The renewed push was articulated on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda.

Speaking through the Permanent Secretary of the Ministry, Mr. Raymond Omachi, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, underscored the country’s full political and institutional backing for the initiative.

The Permanent Secretary stated that Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place, the head of public relations unit at the ministry, Efe Ovuakporie said in a statement.

The ministry emphasised that hosting the AMI aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination. It noted that the institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, had reaffirmed Nigeria’s readiness through his representative, the Deputy Governor, Economic Policy, Mr. Muhammad Abdullahi. He indicated that a dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations.

According to the ministry, Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.

The African Monetary Institute, approved in February, is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.

Senior continental stakeholders at the meetings reinforced the significance of the initiative. The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchouop Belobe, described the institute as a pivotal step toward a single African currency and deeper economic integration.

Chief Economist and Vice President of the African Development Bank, Kevin Urama, noted that the institute would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.

Nigeria’s engagement at the Spring Meetings reflects a deliberate effort to translate continental commitments into operational outcomes, with the Federal Ministry of Finance driving alignment across policy, infrastructure, and diplomatic channels.