The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for a bold new vision of economic development on the continent, one that is driven and owned by Africans themselves.
He made the announcement at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank), which began on Wednesday. Cardoso commended the institution’s evolution since its founding in Abuja in 1993, highlighting its journey from modest beginnings to a continental financial powerhouse.
The programme, which is taking place in Abuja under the theme: “Building the Future on Decades of Resilience,” hosts over 6000 Delegates across the continent and globally.
He said, “Look forward as we celebrate its remarkable impacts, we must also set our eyes on the future. A future that calls for even greater ambitions and clarity of purpose; a future defined by dream growth that is Africa-led and African-owned by digital transformation that connects our people and our markets. Not across to the world but to one another.”
Throughout his address, Cardoso emphasised the role of African institutions in fostering intra-continental trade, countercyclical finance, and regional economic integration.
He hailed Afreximbank as “a convener of ambition and a catalyst for change,” noting that its success reflects “the continent’s growing confidence in its capabilities.”
Africa remains vulnerable to external shocks
At a time of shifting geopolitical tensions and growing economic fragmentation, Cardoso warned that Africa must not remain vulnerable to external forces.
“Rising trade protectionism, global economic fragmentation and shifting geopolitical dynamics are not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem,” he said.
In response, the CBN governor advocated building institutions grounded in local realities, with strong systems, data, governance, and a “mindset oriented towards the long term”, adding “resilience is not accidental. It is engineered.”
Cardoso called for strategic foresight, crisis preparedness, and robust systems as key to building lasting institutions.
According to him. “Great ideas cannot succeed on weak foundations, as he underscored the importance of transparency and stakeholder trust, especially in volatile times.
He also acknowledged that Nigeria, as a founding member and the largest single beneficiary of Afreximbank, has received approximately $52 billion in trade and project financing, reflecting the scale of its economy and depth of engagement.
He also highlighted a series of reforms by Africa’s most populous economy to strengthen its own financial system and currency stability.
“At the Central Bank of Nigeria, we have focused on rebuilding trust with markets, with citizens and with partners,” he said.
We recognise that institutional credibility is the anchor of effective monetary and financial policy.
What you should know
Nigeria is one of Afreximbank’s major shareholders.
- The country was among the largest beneficiaries of the bank, accounting for about 60% of its US$30 billion funding of the energy sector in Africa as of 2024.
- Afreximbank has contributed significantly to Nigeria’s energy and industrial transformation, investing heavily in projects such as the Dangote Refinery and the Port Harcourt Refinery.
- These investments are part of a broader strategy to make the Gulf of Guinea a major refining hub, reducing Africa’s dependence on petroleum imports.
