CBN Governor Cardoso Urges ‘Africa-Led, Africa-Owned’ Growth at Afreximbank AGM
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called for a new vision of development driven by African leadership and ownership, emphasising digital transformation, institutional resilience, and intra-African trade.
He delivered this message at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank), currently taking place in Abuja, Nigeria, under the theme: “Building the Future on Decades of Resilience.”
Afreximbank: From Modest Beginnings to a Continental Powerhouse
Cardoso praised Afreximbank’s transformation since its founding in Abuja in 1993, celebrating its role as a continental financial engine.
“Afreximbank is a convener of ambition and a catalyst for change,” Cardoso said, adding that its success reflects Africa’s growing confidence in its own capabilities.
With over 6,000 delegates attending, the event underscores the bank’s increasing influence in shaping Africa’s trade, finance, and integration agenda.
Digital Transformation and Intra-African Trade Must Define the Future
The CBN Governor stressed the need for a future anchored in:
- Africa-led digital transformation
- Stronger intra-African market connections
- Deeper regional integration
“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,” Cardoso emphasized.
He urged African leaders to focus on building institutions rooted in local realities, equipped with strong systems, robust data infrastructure, and effective governance.
Africa Must Resist External Shocks with Stronger Institutions
Cardoso warned against the continent’s vulnerability to external forces, especially amid growing global economic fragmentation and rising protectionism.
“Geopolitical tensions and economic fragmentation are threatening Africa’s development prospects,” he said.
To counter this, he advocated for:
- Crisis preparedness
- Strategic foresight
- Long-term institutional engineering
“Resilience is not accidental. It is engineered,” Cardoso asserted.
He highlighted the importance of stakeholder trust, transparency, and solid institutional foundations, noting that “great ideas cannot succeed on weak foundations.”
Nigeria’s Role in Afreximbank and Economic Reform Agenda
Cardoso acknowledged Nigeria’s deep engagement with Afreximbank, revealing that:
- Nigeria has received approximately $52 billion in trade and project financing.
- The country accounts for 60% of Afreximbank’s $30 billion energy sector funding in Africa.
- Key investments include the Dangote Refinery and Port Harcourt Refinery, aimed at transforming the Gulf of Guinea into a refining hub.
He also outlined ongoing efforts to rebuild trust in Nigeria’s financial system and strengthen currency stability, highlighting reforms driven by the Central Bank of Nigeria.
“We recognise that institutional credibility is the anchor of effective monetary and financial policy,” Cardoso said.
A Call for African Ownership of Economic Destiny
The Afreximbank AGM served as a strategic call to action for African governments, institutions, and private sector players to take greater ownership of their economic narratives. Cardoso’s speech reinforced the urgency of building resilient, locally grounded institutions capable of withstanding global shocks and delivering lasting development.
