Nigeria Intensifies Bid to Host African Monetary Institute in Abuja
By Patience Ikpeme
The Federal Government has intensified its campaign to secure the hosting rights for the African Union’s African Monetary Institute (AMI), signaling a major step in the country’s ambition to lead the continent’s financial integration.
Leading the charge at the ongoing IMF/World Bank Spring Meetings in Washington D.C., the Federal Ministry of Finance indicated that Nigeria is now in a “last-mile” push to operationalize the institution by September 2026. The bid forms a core part of a strategy to establish Abuja as the premier hub for continental economic coordination.
Mrs. Efe Ovuakporie, Head of the Information and Public Relations Unit for the Ministry, issued a statement on Friday detailing the progress made on the international stage. “The renewed push was articulated on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda,” Ovuakporie said.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, spoke on the matter through the Ministry’s Permanent Secretary, Mr. Raymond Omachi. He explained that the government has moved past the stage of simple advocacy into practical implementation.
“Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place,” Edun said. “Nigeria is ready to give you all the political, institutional, and logistical support to ensure that we start the operation at the time we should, which is September this year.”
Furthering this stance, the Ministry noted that “hosting the AMI aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination. It represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.”
The Central Bank of Nigeria (CBN) has also expressed full readiness for the institute’s takeoff. Governor Olayemi Cardoso, represented by the Deputy Governor for Economic Policy, Mr. Muhammad Sani Abdullahi, confirmed that physical preparations are complete.
“A dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations,” Abdullahi said. “The African Monetary Institute is an important moment for our continent’s financial architecture, and it is also a moment that calls for clarity on where we are and what remains to be done to ensure that the AMI takes off on schedule.”
The African Monetary Institute was approved in February 2026 to serve as the precursor to an African Central Bank. Its primary functions involve stabilizing exchange rate frameworks and fostering the technical environment necessary for a single continental currency.
Support for the initiative was echoed by senior African leaders in Washington. Francisca Tatchouop Belobe, the African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals, characterized the institute as a “pivotal step toward a single African currency and deeper economic integration.”
Kevin Urama, Chief Economist and Vice President of the African Development Bank, pointed out the practical benefits of the new body. He said the institute would “strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.”
With the 2026 operational deadline approaching, the Nigerian government says it remains fully involved with the African Union Commission to finalize the Host Country Agreement, ensuring the institute begins its work without delay.
