Nigeria Intensify Efforts to Deepen Monetary Cooperation, Financial Integration across Africa
Eromosele Abiodun and Nume Ekeghe in Washington DC
Nigeria has stepped up efforts to host the African Union (AU) African Monetary Institute (AMI), signalling a renewed push toward deeper monetary cooperation and financial integration across the continent, as preparations intensify for the institute’s planned take-off in September 2026.
The renewed commitment was reinforced on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington DC, where the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso and the Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, speaking on behalf of the federal government, assured of Nigeria’s readiness to deliver on its host country obligations and ensure the timely operationalisation of the institute.
Speaking at a high-level engagement focused on advancing the operationalisation of the AMI, the Nigerian authorities said the country has moved from expressions of support to concrete implementation, positioning Abuja as the hub for the institution that is expected to play a central role in Africa’s evolving financial architecture.
The AMI, adopted by AU Heads of State and Government in February 2026, is designed to strengthen macro economic convergence, promote monetary policy coordination, and lay the groundwork for a more integrated and resilient continental financial system.
Speaking at the engagement, Cardoso who was represented by the Deputy Governor, Economic Policy at the CBN, Muhammad Sani Abdullahi said: “The African Monetary Institute is an important moment for our continent’s financial architecture, and it is also a moment that calls for clarity on where we are, what has been achieved, and what remains to be done to ensure that the AMI takes off on schedule.
“Nigeria remains fully committed institutionally, politically, and operationally, to supporting the timely establishment of the AMI. Following the adoption of the AMI at the level of our Heads of State and Government in February 2026, Nigeria has intensified the “last‑mile” actions required to translate that milestone into a functioning institution, not merely a signed statute.”
He noted that Nigeria has moved beyond statements of support to practical delivery. In line with host country obligations, the Central Bank of Nigeria has identified and made available a dedicated office facility for the AMI in Abuja, and have opened it for inspection by the African Union Commission as part of demonstrating tangible preparedness.
He added: “Beyond the facility itself, our engagement has remained active and structured. Nigeria stands ready to sustain the momentum through to September 2026. We are committed and eager to sign the Host Country Agreement and other obligations as part of meeting the operational timeline. We see these as critical building blocks, and Nigeria stands ready to engage promptly to ensure that these steps are completed without delay.
“From Nigeria’s perspective, the AMI is not an end in itself, it is a practical instrument to strengthen macroeconomic convergence, enhance monetary cooperation, and build the foundations of a more resilient and integrated African financial architecture. Nigeria is ready to play its role with seriousness and consistency, and we will continue to work closely with the African Union Commission, the Association of African Central Banks, and member states to ensure that the Institute commences operations as scheduled in September 2026.”
Represented by the Permanent Secretary of the Ministry of Finance, Raymond Omachi, Edun said: “Nigeria is ready to give you all the political, institutional, and logistical support to ensure that we start the operation at the time we should, which is September this year, in the next five months. We are ready, and we have all the infrastructure and the facility in place. We know the importance of this institute as the first step in the financial integration of the African continent.”
On her part, her Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals (ETTIM), AUC, Francisca Tatchouop Belobe, said the push for a single African currency is central to strengthening economic integration, easing cross-border trade, and enhancing policy coordination across the continent.
While acknowledging significant structural and political challenges, she noted that the approval and ongoing operationalisation of the African Monetary Institute marks a critical step toward achieving financial sovereignty and a future African central bank.
She said: “ A single currency would not only build on the African Continental Free Trade Area (AfCFTA) to create one of the largest markets in the world, but it would also consolidate monetary strength and significantly enhance countries’ ability to self-determine their policies and development paths. We often overlook the fact that monetary policy is one of the most important development tools available. A structured, unified monetary policy has proven to be a powerful force, as seen in the United States and Europe, where it has strengthened their economies.”
Speaking, Chief Economist and Vice President African Development Bank (AfDB), Professor Kevin Chika Urama said: “From the perspective of the African Development Bank Group, the African Monetary Institute is a must-have and a must-have that is already belated. African Monetary Institute is a key part of strengthening the African financial architecture. This is so important that the African Development Bank Group’s new president prioritises it as one of his four core cardinal points, what he calls the new African financing architecture for development (NAFAD).
“We need to learn lessons from others. The European Union, the Euro area, has shown how monetary coordination can strengthen stability. The convergence criteria on inflation, fiscal deficits, debt management are critical, and these are the same issues we identify as risks across the continent. Here is an instrument to address those risks.”
