Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the country has stepped up efforts to host the African Union’s (AU) African Monetary Institute (AMI).

Mr Cardoso said this at the IMF and World Bank Spring Meetings in Washington DC on Thursday.

He added that the effort signals renewed commitment to deepen monetary cooperation

The CBN governor was represented by the deputy governor, economic policy, Muhammad Abdullahi, at an event on the sidelines of the Spring Meetings.

He reaffirmed readiness to meet obligations and ensure timely operationalisation of the institute.

He called for financial integration across Africa before its September take-off.

Mr Cardoso said that the country had progressed from policy support to concrete implementation, positioning Abuja as the preferred hub for the institute, which is central to Africa’s evolving financial system.

He said that the institute, approved in February, aimed to strengthen macroeconomic convergence, promote monetary coordination, and build a more resilient and integrated continental financial architecture.

The CBN governor reaffirmed Nigeria’s commitment at institutional, political, and operational levels, intensifying final steps required to transform the initiative into a fully functional continental institution.

He said that a dedicated office facility had been secured in Abuja and opened for inspection, demonstrating Nigeria’s readiness to fulfil host country obligations.

Mr Cardoso said that Nigeria remained actively engaged and prepared to sign necessary agreements to meet timelines and ensure seamless take-off without delays.

He also said that the institute’s role was to strengthen convergence, enhance cooperation, and support a resilient African financial system through sustained collaboration with continental stakeholders.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said that the country knew the importance of the institute as the first step in the financial integration of the African continent.

Mr Edun, represented by the Permanent Secretary of the Ministry of Finance, Raymond Omachi, said there would be full political and logistical backing.

He said that the infrastructure and facilities were already in place to support operations within the planned timeframe.

The African Union Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals (ETTIM), Francisca Tatchouop Belobe, said the AMI was a key step towards a single African currency.

She said that it was expected to boost trade, policy coordination, and economic integration across the continent.

Ms Belobe said that a unified monetary system could enhance economic sovereignty and competitiveness, despite structural and political challenges facing implementation.

The Chief Economist and Vice President of the African Development Bank (AfDB), Kevin Urama, described the institute as aligning with broader efforts to strengthen Africa’s financial architecture and development financing strategies.

He said it would stabilise exchange rates, improve debt sustainability, and support regional cooperation, noting that multiple currencies remain a major constraint to effective continental trade integration. 

(NAN)