Nigeria pushes to host African Monetary Institute in Abuja
Nigeria is making a stronger case to host the African Union’s African Monetary Institute (AMI), as the federal government intensifies efforts to secure the institution ahead of its planned launch
Nigeria is making a stronger case to host the African Union’s African Monetary Institute (AMI), as the federal government intensifies efforts to secure the institution ahead of its planned launch in 2026.
The Federal Ministry of Finance, which is coordinating the process, said the country has now moved from making commitments to taking visible steps to support its bid, including putting infrastructure and administrative arrangements in place.
In a statement released on Friday, the Ministry’s Head of Information and Public Relations, Mrs. Efe Ovuakporie, said Nigeria’s case was presented during the IMF and World Bank Spring Meetings in Washington D.C., where officials engaged key stakeholders on the country’s readiness to host the continental body.
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Speaking on behalf of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Permanent Secretary, Mr. Raymond Omachi, said the bid enjoys strong backing from both the government and relevant institutions. He explained that Nigeria is not only expressing interest but demonstrating capacity.
“We have gone beyond policy statements. The structures required to support the institute are being put in place, and Nigeria is ready to meet its obligations,” he said.
He added that bringing the institute to Abuja is part of a wider plan to establish the city as a major centre for financial coordination in Africa, noting that the AMI would help improve cooperation among African economies and support efforts toward a more unified financial system.
The Central Bank of Nigeria (CBN) also confirmed the country’s preparedness. Representing the CBN Governor, Mr. Olayemi Cardoso, the Deputy Governor for Economic Policy, Dr. Muhammad Sani Abdullahi, disclosed that a suitable office location has already been secured in Abuja.
“A dedicated facility is in place and available for inspection. This reflects our readiness to fulfil host country responsibilities,” he said.
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The Ministry further stated that Nigeria is maintaining active communication with the African Union and is ready to finalise all required agreements to ensure the institute begins operations as scheduled.
The African Monetary Institute is expected to serve as a foundation for closer monetary policy coordination across the continent. It is also seen as a key step toward exchange rate stability and the long-term goal of a single African currency.
Speaking at the meetings, the African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ms. Francisca Tatchouop Belobe, described the institute as central to Africa’s integration agenda.
“This is a major step toward achieving a common currency and strengthening economic ties across African countries,” she said.
Also, the Chief Economist and Vice President of the African Development Bank, Prof. Kevin Urama, said the institute would play an important role in strengthening financial systems across the continent.
“It will help improve financial stability, support better debt management, and reduce the challenges associated with operating multiple currencies,” he noted.
The Ministry said Nigeria’s engagement at the global meetings reflects a deliberate effort to turn continental plans into real outcomes, with coordinated actions across policy, infrastructure and diplomacy aimed at securing the hosting rights for the institute.
