Mr. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has praised the African Union’s (AU) recent decision to formally confirm Nigeria’s permanent participation on the African Monetary Institute’s (AMI) board.
Cardoso made the praise public in an Abuja statement on Monday.
According to the News Agency of Nigeria (NAN), the approval was declared during the Assembly of the African Union’s (AU) February summit during its 39th Ordinary Session.
It came after the AU’s Executive Council had previously adopted it during its 48th Ordinary Session.
The African Central Bank (ACB), which would have its headquarters in Abuja, Nigeria, is modeled after the AMI, which was created under the AU’s financial institutions agenda.
According to Cardoso, Nigeria and the continent benefited much by hosting the AMI and later the African Central Bank.
According to him, it will strengthen Nigeria’s voice and influence in forming the continent’s single currency architecture and establish her as the focal point of the continent’s developing monetary union.
He added that Nigeria is now a permanent member of the Convergence Council as a result of the decision.
“This historic decision further highlights Nigeria’s strategic role in shaping the continent’s evolving financial architecture and marks a significant milestone in Africa’s financial integration journey,” he said.
According to the governor of the CBN, its execution was a critical step in advancing Africa’s long-term goals of financial sovereignty and economic integration, strengthening macroeconomic convergence, and promoting monetary cooperation.
He claimed that by supporting Nigeria’s permanent presence on the AMI Board, the AU heads of state and government at the summit reinforced the course.
According to him, the role will continue to exist throughout the transitional period until the ACB is formally established.
Together with the Ministries of Justice, Finance, and Foreign Affairs, the CBN was instrumental in reaching this historic milestone.
The Draft AMI Statute, which was agreed at the 5th Extraordinary Meeting of the Specialized Technical Committee on Finance in Abuja, was the result of years of technical work spearheaded by the Bank.
Additionally, it gave the AU the first hosting facilities and necessary logistics for AMI’s instant launch.
“To maintain Nigeria’s advocacy at the highest political levels, the CBN also took part in the interministerial collaboration with the Federal Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Justice, and the Presidency.”
The most recent achievement, according to Cardoso, is the result of teamwork based on persistent willpower, structural changes, strategic diplomacy, technical coherence, and a fresh macroeconomic focus.
“These efforts have improved banking supervision, payment system modernization, external reserves management, and monetary stability,” he stated.
All things considered, the results of these endeavors are attaining unprecedented heights, as demonstrated by Nigeria’s increased legitimacy and sway throughout the continent.
“To lay a strong foundation for the ACB and the future African Single Currency, we will keep working with the AU Commission, the Association of African Central Banks, Member States, and development partners.”
According to him, the permanent seat allotted to Nigeria had a sunset clause at the creation of the ACB and was time-bound to the AMI transition period.
He claims that this plan guarantees that the host nation stays involved in governance throughout AMI’s early years while completely adhering to the AU’s objectives of rotation, equity, and regional balance.
Cardoso praised Vice-President Kashim Shettima and President Bola Tinubu for their strategic leadership and called the development a win for Nigeria as well as for Africa’s monetary autonomy and integration.(www.nannews.ng) (NAN)
