Nigeria Urges AU for Innovative Peace Financing Solutions

Nigeria has called on the African Union (AU) to develop innovative and sustainable financing mechanisms to enhance the continent's capacity for conflict prevention and resolution, minimizing reliance on external funding. This appeal was made by the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, at the 26th Extraordinary Session of the AU Executive Council in Luanda, Angola.

She acknowledged the progress in the AU Peace Fund, noting that member states contributed approximately $350.2 million, achieving 87.5% of the $400 million target, with the Fund's balance exceeding $405 million. Odumegwu-Ojukwu urged member states to meet their assessed contributions and consider additional voluntary contributions, framing these as investments in Africa's security.

She warned that unpredictable funding could jeopardize African-led peace operations and advocated for a shift towards self-reliance in financing. The minister proposed a gradual increase in the AU Peace Fund's capitalization towards a $1 billion target and called for innovative financing mechanisms, including land allocation for development by private-sector companies.