Nigeria has been granted a permanent seat on the Board of the African Central Bank, Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has announced.
Tuggar disclosed this in a statement issued on Friday, February 13, following the 39th Session of the Executive Council of the African Union.
According to the minister, Nigeria recorded major diplomatic and institutional gains during the session, reinforcing its leadership position in promoting economic integration, peace, security, and democratic governance across Africa.
He described the decision to grant Nigeria a permanent seat on the Board of the African Central Bank as one of the key outcomes of the meeting.
“This landmark development underscores Nigeria’s strategic role in shaping Africa’s financial architecture.
“This decision also extends Nigeria’s representation to the Board of the Technical Convergence Committee of the African Monetary Institute, which serves as the precursor to the establishment of the African Central Bank.
READ ALSO: Major sub-Saharan African central banks to keep rates on hold
“These developments affirm Nigeria’s technical capacity, economic significance, and commitment to advancing Africa’s monetary integration agenda,” Tuggar said.
The minister also highlighted progress in the area of continental peace and security, noting that candidates jointly endorsed by the Economic Community of West African States were successfully elected to the Peace and Security Council.
“In the area of peace and security, the session witnessed the successful election of the candidates collectively agreed upon by the Economic Community of West African States to the Peace and Security Council.
“This outcome reflects the strong cohesion, cooperation, and unity among ECOWAS Member States, as well as the region’s shared commitment to promoting stability and collective security across the continent,” he stated.
Tuggar further said Nigeria took steps to advance democratic governance on the continent by convening a Ministerial High-Level Panel Discussion focused on strengthening regional partnerships for democracy.
“Furthermore, Nigeria demonstrated leadership in strengthening democratic governance across Africa by organising a Ministerial High-Level Panel Discussion on Regional Partnerships for Democracy,” the minister said.