Nigeria has stepped up efforts to secure the hosting rights for the African Union’s African Monetary Institute (AMI), with the Federal Ministry of Finance spearheading a coordinated push ahead of the institute’s expected launch in 2026.
This was disclosed in a statement issued by the Head of Information and Public Relations Unit, Efe Ovuakporie.
The renewed campaign was highlighted on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., where Nigerian officials presented the country as a strong contender to host the key continental institution driving Africa’s monetary integration agenda.
Representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Ministry’s Permanent Secretary, Mr. Raymond Omachi, reaffirmed Nigeria’s firm political will and institutional readiness.
He noted that the country has moved from policy assurances to tangible action, putting in place the infrastructure and administrative framework required to host the institute.
According to the ministry, hosting the AMI aligns with Nigeria’s broader ambition to position Abuja as a central hub for financial coordination across Africa.
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The institute is expected to play a vital role in promoting monetary cooperation, strengthening macroeconomic alignment, and advancing financial integration on the continent.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also reiterated the country’s preparedness through his representative, Deputy Governor (Economic Policy), Mr. Muhammad Abdullahi.
He disclosed that a fully equipped office facility has already been secured in Abuja, and is ready for inspection, demonstrating Nigeria’s commitment to meeting host country requirements.
Officials added that Nigeria remains actively engaged with the African Union and is ready to finalise all necessary agreements to ensure the institute becomes operational within the planned timeline.
Approved earlier this year, the African Monetary Institute is expected to enhance policy coordination, support exchange rate stability, and lay the foundation for a future single African currency.
Key stakeholders at the Spring Meetings underscored the importance of the initiative.
The African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchouop Belobe, described the institute as a major step toward deeper economic integration and monetary unification across Africa.
In the same vein, the Chief Economist and Vice President of the African Development Bank, Kevin Urama, said the institute would contribute to financial stability, improve debt management, and help address challenges associated with operating multiple currencies across the continent.
Nigeria’s participation at the Spring Meetings reflects a deliberate effort to convert continental policy commitments into actionable outcomes, with the Ministry of Finance coordinating across policy, infrastructure, and diplomatic channels to strengthen the country’s bid.
