Nigeria Steps Up to Host African Central Bank: President Tinubu’s Commitment to the Abuja Treaty

In a significant development for the African continent, President Bola Tinubu has announced that Nigeria is prepared to host the African Central Bank, in accordance with the Abuja Treaty.

The announcement came during the 37th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) in Addis Ababa, Ethiopia, on Saturday.

President Tinubu emphasized the importance of fulfilling the vision of the Abuja Treaty, which aims to promote economic integration and cooperation among African nations.

The establishment of the African Central Bank is a crucial step towards achieving this goal, as it would serve as a foundation for the development of a single African currency and monetary policy.

The President’s declaration reflects Nigeria’s commitment to the African Union’s Agenda 2063, a strategic framework for the socio-economic transformation of the continent over the next 50 years.

By hosting the African Central Bank, Nigeria aims to play a leading role in fostering economic growth and prosperity across the continent.

The African Central Bank, once established, will be responsible for implementing a single monetary policy, issuing a common currency, and maintaining price stability within the African Union.

This would facilitate trade and investment between African countries, reduce transaction costs, and promote economic integration.

As Nigeria prepares to take on this important role, it is expected to collaborate closely with other African nations and the African Union Commission to ensure a smooth transition and effective implementation of the African Central Bank.

The establishment of the bank is likely to have far-reaching implications for the continent’s economic landscape and could pave the way for increased prosperity and unity among African nations.