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African Central Bank Board: Nigeria Secures Permanent Seat

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African Union member states granted Nigeria a permanent position on the governing board of the African Central Bank during plenary sessions Friday at the 39th AU Summit in Addis Ababa, overcoming resistance from countries that had opposed the arrangement.

Foreign Affairs Minister Yusuf Tuggar described the outcome as a diplomatic victory achieved despite initial pushback. The decision also assigns Nigeria responsibility for hosting both the African Monetary Institute and the central bank itself, placing Africa’s most populous nation at the center of plans to build continental financial institutions.

“It is something that was initially resisted by some countries, so now we have a permanent seat on the African Central Bank board. It’s a major success,” Tuggar told reporters at the summit.

The board seat gives Nigeria influence over policy direction as the AU advances long-discussed proposals to establish monetary structures comparable to those in other regional blocs. Tuggar characterized the development as significant not only for Nigeria but for West Africa broadly.

Nigeria’s delegation also participated in decisions affecting the Peace and Security Council, the AU’s primary mechanism for addressing conflict. Three West African states secured seats on that body: Côte d’Ivoire and Sierra Leone won re-election while Benin claimed a new term.

The council convened separately to examine ongoing crises in Sudan and Somalia. Nigeria objected to allowing Sudan back into AU activities while armed factions continue fighting for control of that country, according to Tuggar.

He said Nigeria reminded council members that AU protocols bar participation by governments that came to power through unconstitutional means. The council accepted that position, effectively blocking Sudan’s readmission for now.

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Sudan’s military seized power in 2021, ending a transitional arrangement that followed the ouster of longtime ruler Omar al-Bashir. The AU suspended Sudan’s membership following that takeover. Fighting between the Sudanese Armed Forces and the Rapid Support Forces militia has raged since April 2023, creating what aid organizations describe as a humanitarian catastrophe.

This year’s summit theme centers on water availability and sanitation systems, issues AU leaders consider essential to health, agriculture and the broader objectives laid out in Agenda 2063, the continental development blueprint. Sessions have focused on advancing commitments to improve water infrastructure and management practices.

Officials announced that water sustainability would serve as the 2026 summit theme as well. Tuggar emphasized Nigeria’s geographic position and demographic trajectory in discussing the country’s role in implementing water-related programs.

Nigeria sits at the confluence of the Niger and Benue rivers, giving the country substantial freshwater resources. The population currently stands at approximately 230 million and is projected to reach 400 million within 24 years, making water access increasingly critical, Tuggar said.

“We are the largest country in Africa, with a population of 230 million people. We’re going to be 400 million in the next 24 years. So water is a source of life. It’s very important, and we’re playing a very pivotal role in implementing the programs that are being set for the theme of the year,” he said.

Vice President Kashim Shettima arrived in Addis Ababa to reinforce Nigeria’s delegation and participate in high-level discussions. His presence signals the priority the government places on the summit’s outcomes and Nigeria’s expanded role in continental institutions.

The African Central Bank represents part of institutional architecture envisioned under frameworks for deeper economic integration. Plans for the bank have progressed unevenly over decades as member states debated governance arrangements, operational structure and location.

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Securing both hosting rights and a permanent board seat positions Nigeria to shape monetary policy frameworks once the institution becomes operational, though no timeline for establishment has been finalized. The African Monetary Institute is designed as a preparatory body working toward eventual launch of a common currency, though substantial obstacles remain given economic disparities across the continent.

Nigeria’s economy, measured as Africa’s largest by GDP, has faced significant pressures in recent years including currency volatility, elevated inflation and fiscal strains. The government has pursued reforms aimed at stabilizing macroeconomic conditions while attracting investment.

The AU gathers heads of state, ministers and officials from 55 member countries to address political, economic and security matters. Sessions cover issues ranging from conflict resolution to infrastructure gaps and climate adaptation.

Water management has emerged as a priority given population growth, urbanization and climate variability affecting much of the continent. Many regions lack adequate access to clean water and sanitation, undermining public health and economic productivity.

Nigeria faces domestic water challenges despite abundant resources. Infrastructure deficits and governance issues have left significant populations without reliable clean water access, problems the government has pledged to address through investment and institutional reforms.

The summit continues through the weekend with additional plenary sessions and bilateral meetings. Final communiqués outlining decisions and commitments are expected before the gathering concludes.

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