At the 32nd Afreximbank Annual Meeting in Abuja, Central Bank of Nigeria Governor Olayemi Cardoso presented his vision for continent-wide economic transformation.
The gathering, themed “Building the Future on Decades of Resilience,” brought together more than 6,000 participants from across Africa and internationally.
Cardoso praised Afreximbank’s transformation since its 1993 establishment in Abuja, noting its evolution from a small institution into a major continental financial force. He stressed the importance of African-controlled economic progress in his address.
“As we celebrate its remarkable impact, we must also set our eyes on the future — a future that calls for even greater ambition and clarity of purpose; a future defined by dreams of growth that is Africa-led and African-owned, driven by digital transformation that connects our people and our markets — not across the world, but to one another,” he stated.
The CBN chief highlighted how African financial institutions can strengthen trade between countries, provide counter-cyclical funding, and enhance regional economic unity. He described Afreximbank as “a convener of ambition and a catalyst for change,” pointing to its achievements as evidence of “the continent’s growing confidence in its capabilities.”
Addressing current global uncertainties, Cardoso warned against Africa’s continued exposure to external vulnerabilities. He cited increasing trade barriers and geopolitical shifts as threats to the continent’s development.
“Rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics are not only undermining Africa’s developmental prospects, but they are also threatening the coherence of the international ecosystem,” he observed.
The country’s apex bank chief advocated for establishing institutions rooted in African realities, emphasising strong governance, reliable data systems, and long-term strategic thinking.
“Resilience is not accidental. It is engineered,” he noted, calling for forward-thinking approaches and crisis readiness.
He stressed that successful initiatives require solid foundations, highlighting the critical role of transparency and stakeholder confidence during uncertain periods.
Nigeria’s relationship with Afreximbank was acknowledged, with the country receiving roughly $52 billion in trade and project support as both a founding member and a primary beneficiary. The governor also referenced ongoing reforms within Nigeria’s financial sector aimed at strengthening currency stability and market confidence.
“At the Central Bank of Nigeria, we have focused on rebuilding trust—with markets, with citizens, and with partners,” he explained. “We recognise that institutional credibility is the anchor of effective monetary and financial policy.”
As a major Afreximbank stakeholder, Nigeria has received approximately 60% of the bank’s $30 billion energy sector financing as of 2024. Key investments include support for the Dangote Refinery and the Port Harcourt Refinery, contributing to the strategy of establishing the Gulf of Guinea as a significant refining centre to reduce petroleum import dependency across Africa.
