21ST AU SUMMIT: BIANCA SEEKS INNOVATIVE FINANCING FOR AFRICA’S PEACE, SECURITY

21ST AU SUMMIT: BIANCA SEEKS INNOVATIVE FINANCING FOR AFRICA’S PEACE, SECURITY

Nigeria has called on the African Union (AU) to explore innovative financing mechanisms to strengthen the continent’s capacity for conflict prevention and reduce dependence on external funding.

Speaking at the 26th Extraordinary Session of the AU Executive Council in Luanda, Angola, Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, commended progress made under the AU Peace Fund initiative.

According to a statement on the summit, the Minister disclosed that AU member states have contributed about 350.2 million dollars, representing 87.5 per cent of the 400 million dollars target, with the fund’s balance now exceeding 405 million dollars.

Bianca Odumegwu-Ojukwu urged member states to fully implement the 0.2 per cent levy under the Kigali Financing Decision and consider additional funding options, including private-sector land development schemes capable of generating royalties for the African Union.

She stressed that African resources should remain the cornerstone of financing peace and security initiatives on the continent, describing member-state contributions as investments in collective security and stability.

The Minister further called on African leaders to strengthen commitments to sustainable and home-grown solutions for addressing conflicts and security challenges across the continent.

The summit is holding under the theme: “Strengthening Mechanisms for Conflict Prevention and Resolution in Africa.”