The paper examines the centrality of institutions and institution building in the implementation of the Economic and Corporate Governance program of the New Partnership for Africas Development (NEPAD). It sees institutions in the broader context of organizational structures, systems, processes and procedures that are vital for the development and poverty reduction process in Africa. The paper posits that building appropriate and effective institutions in Africa is fundamental to good governance and thus the attainment of the overall objective of the NEPAD Initiative, which is Africas development.