Nigeria Commits to Hosting African Central Bank by 2028
President Bola Tinubu has affirmed Nigeria’s commitment to hosting the African Central Bank, as stipulated in the Abuja Treaty. Speaking at the 37th Ordinary Session of the African Union (AU) in Addis Ababa, Ethiopia, President Tinubu assured African leaders of Nigeria’s readiness to work with the African Union Commission and member states to establish the bank by 2028.
Addressing the assembly, President Tinubu categorised the challenges facing the continent into two categories: externally engineered and locally induced. He emphasised the importance of Africa’s resolution and solidarity in addressing these challenges to avoid perpetuating existing problems and creating new ones.
President Tinubu highlighted that while some challenges, such as climate change and unfair global trade patterns, are beyond Africa’s control, others, like coup-driven autocracies and constitutional manipulation, are self-inflicted. He stressed the need for African nations to take responsibility for these issues and work towards sustainable solutions.
Regarding military coups in several African countries, including Guinea, Burkina Faso, Mali, and Niger, President Tinubu underscored the importance of maintaining regional solidarity within the Economic Community of West African States (ECOWAS). He emphasized that cooperation and unity among member nations are essential for regional stability and development.
President Tinubu’s commitment to hosting the African Central Bank aligns with the Abuja Treaty’s objectives. The treaty, adopted in 1991, aims to promote social, economic, and cultural development in Africa through economic integration. It lays the foundation for the establishment of an African Common Market and guides the activities of the AU.
As Africa navigates its developmental challenges, President Tinubu’s call for solidarity and cooperation resonates with the continent’s aspirations for peace, prosperity, and unity. Nigeria’s commitment to hosting the African Central Bank signifies a significant step towards regional economic integration and development.
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