CBN Governor Olayemi Cardoso says Nigeria will host the African Monetary Institute and later the African Central Bank as Africa advances single currency plans
Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said Nigeria is playing a pivotal role in Africa’s efforts to establish a single continental currency.
In a statement issued in Abuja, Cardoso confirmed that Nigeria will host the African Monetary Institute (AMI) and will subsequently host the African Central Bank (ACB).
He said the development positions Nigeria at the centre of Africa’s push towards monetary union and the eventual introduction of a common currency.
At the 39th Ordinary Session of the Assembly of the African Union> (AU), Nigeria was granted permanent membership on the Board of the AMI during the transition period before the African Central Bank becomes fully operational.
Cardoso described the decision as a significant milestone for both Nigeria and the continent, noting that it strengthens Nigeria’s influence in shaping Africa’s emerging financial architecture.
According to him, the move advances cooperation among African countries in monetary policy coordination, exchange rate stability and cross-border payment systems.
The initiative forms part of Africa’s long-term integration agenda under the Abuja Treaty, adopted in 1991 and operational since 1994.
The treaty outlines steps toward economic integration, including the establishment of a common market and a single currency.
The proposed African Central Bank is expected to coordinate a unified monetary policy, promote international monetary cooperation, stabilise exchange rates, improve payment systems and remove foreign exchange restrictions that hinder intra-African trade.
Cardoso acknowledged the roles played by the CBN and Nigeria’s Federal Ministries of Foreign Affairs, Justice and Finance in securing the hosting rights.
He noted that the CBN contributed technical expertise in drafting the AMI statute and provided facilities and logistical support for the institute’s launch.
The governor attributed Nigeria’s selection to sustained reforms in monetary stability, foreign reserve management, banking supervision and payment system modernisation, which he said have enhanced the country’s credibility across Africa.
Nigeria’s permanent seat on the AMI Board will last only during the transition phase before the African Central Bank is formally established, in line with AU principles of rotation and regional balance.
In addition, Nigeria will serve on the AMI’s Technical Convergence Committee, which focuses on harmonising fiscal and monetary policies across member states as Africa advances toward a unified monetary framework.
Cardoso said Nigeria would continue collaborating closely with the AU Commission, the Association of African Central Banks, member states and development partners to lay a solid foundation for the continent’s future single currency.
Bank of Industry (BOI), Nigeria’s foremost Development finance institution and a globally recognised organisation specialising in international development cooperation with countries, the German Agency for International Cooperation (GIZ), on Wednesday April 15, 2026, signs a Partnership Framework Agreement to drive sustainable innovation and economic development for large enterprise, and Micro, Small and Medium Enterprises (MSMEs) sector in Nigeria.
The partnership is hinged on delivering coordinated interventions across key strategic pillars including access to finance, entrepreneurship development, capacity building, and market access; and integrates focused support for climate finance and renewable energy investments; and a robust alignment with global sustainability priorities that enables MSMEs to be engines of economic development.
With this landmark agreement, BOI and GIZ are positioned to mutually ensure that capacity building efforts for businesses focuses on strengthening the technical and institutional capabilities of BOI’s Business Development Service Providers (BDSPs), equipping them to deliver higher-impact advisory services to the Bank’s customers; as well as enshrine a structured vocational training provided under the ICSS (Inspire, Create, Start and Scale) entrepreneurship programme to enhance productivity, workforce quality and overall business competitiveness to MSMEs.
The central pillar of this year’s partnership framework is its women’s economic empowerment through targeted financing initiatives; agribusiness development and rural enterprise growth; and climate-focused investment imperative to scale its renewable energy and energy efficiency financing portfolio.
BOI will strategically deepen its efforts to secure endorsement with the Green Climate Fund (GCF) with support from GIZ, a German-led development agency.
Speaking at the announcement ceremony, MD/CEO, Bank of Industry (BOI), Dr. Olasupo Olusi, said “This partnership is about closing the gap between enterprise potential and enterprise reality. Too many Nigerian businesses, particularly MSMEs, have the ideas, the drive, and the market opportunity, but lack the financing, technical capacity, or market access needed to scale. This partnership reflects our unwavering commitment to constantly form new partnerships to strengthen the entrepreneurial ecosystem in Nigeria. By combining our financing expertise with our partner’s international development experience, we are building a comprehensive framework that will directly translate into jobs, innovation, affordable, long-term financing and sustainable growth for MSMEs in Nigeria.”
In his remarks, Country Director, GIZ Nigeria and ECOWAS, Dr. Magnus Wagner, said, “This partnership demonstrates our joint commitments to strengthening Nigeria’s private sector and to advancing sustainable and inclusive economic growth.
“Through this partnership, we aim to support small and medium enterprises. We are trying more to look at SME, formalized business, which is the resilient backbone of Nigeria’s economy. So, we would like to work, we have decided in areas such as climate and sustainable finance, renewable energy and energy efficiency, entrepreneurship and innovation, women’s economic empowerment, agribusiness and rural transformation, and digital trade and market access.
“We look forward to a close and successful collaboration with the Bank of Industry, one that delivers tangible results for business, communities, and the country and the population as a whole”.
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