Nigeria has urged the African Union (AU) to develop innovative and sustainable financing mechanisms to strengthen the continent’s ability to prevent and resolve conflicts.
Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, made the call at the 26th Extraordinary Session of the AU Executive Council in Luanda, Angola, stressing that African-led peace operations require predictable and reliable funding.
She said member states had contributed $350.2 million towards the AU Peace Fund, representing 87.5 per cent of its original $400 million capitalisation target, while the fund’s balance had exceeded $405 million. She called for full payment of assessed contributions and additional voluntary support.
Odumegwu-Ojukwu also advocated progressive capitalisation of the Peace Fund towards its $1 billion target, greater involvement of African financial institutions and the private sector, and implementation of the 0.2 per cent levy under the Kigali Financing Decision. She stressed that external assistance should complement, rather than replace, African ownership of the continent’s peace and security efforts.
The minister said sustainable financing must be backed by transparency, accountability and effective oversight, reaffirming Nigeria’s commitment to collective efforts to build a peaceful, secure and prosperous Africa in line with Agenda 2063.
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