BY COBHAM NSA – Nigeria has intensified its campaign to host the African Union (AU)’s African Monetary Institute (AMI), with the Federal Ministry of Finance spearheading a coordinated, ‘last-mile’ push to establish the institution in Abuja ahead of its September 2026 launch.
The resurgent campaign, prominently accelerated at the 2026 IMF/World Bank Spring Meetings in Washington D.C., has showcased Nigeria’s readiness to serve as the credible linchpin for Africa’s monetary integration and macroeconomic convergence.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who canvassed the position through the Permanent Secretary of the Ministry, Mr. Raymond Omachi, underscored the country’s full political and institutional backing for the initiative.
Highlighting designated infrastructure to confirm Nigeria’s capacity as a credible host for the continental institution that is central to Africa’s monetary integration agenda, Mr Edun said the country has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place.
Also, the Ministry said hosting the AMI aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination, adding that the Institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.
In his intervention, Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also reaffirmed Nigeria’s readiness to serve as a capable host of the continental Institute.
Speaking through his representative, the Deputy Governor, Economic Policy, Mr. Muhammad Abdullahi, the CBN boss indicated that 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.
A statement by Efe Ovuakporie, Head Information and Public Relations Unit in the Finance Ministry said Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.
Approved in February, the AMI is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.
Meanwhile, senior continental stakeholders at the meetings reinforced the significance of the initiative with the African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Francisca Tatchouop Belobe, describing the Institute as a pivotal step toward a single African currency and deeper economic integration.
Similarly, Chief Economist and Vice President of the African Development Bank, Kevin Urama, said the AMI would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.
At the 2026 IMF/World Bank Spring Meetings, Nigeria has continued to demonstrate a proactive shift from theoretical continental commitments to tangible, operational outcomes.
With the Federal Ministry of Finance orchestrating a coordinated effort, the country is aligning critical policy reforms, infrastructural investments, and strategic diplomatic engagement to solidify its economic trajectory and bolster investor confidence.
