Nigeria Urges AU to Establish $1bn Peace Fund

Nigeria has called on the African Union (AU) to accelerate the establishment of a $1 billion Peace Fund to lessen the continent's dependence on foreign aid for peace and security operations. This appeal was made by the Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, at the 26th Extraordinary Session of the AU Executive Council held in Luanda, Angola.

Odumegwu-Ojukwu highlighted the importance of sustainable and predictable financing for African nations to effectively manage conflict prevention and resolution. She noted that member states had contributed approximately $350.2 million towards the AU Peace Fund, surpassing the original $400 million target, with the total balance exceeding $405 million.

The minister urged member states to fulfill their assessed contributions and consider additional voluntary contributions as investments in collective security. She warned that uncertain funding could hinder peace operations and advocated for a gradual shift towards African self-reliance in financing peace initiatives, while still recognizing the role of international partners.