Cardoso urges African-led growth, commends Afreximbank’s $40bn transformation

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called on African leaders, financial institutions, and the diaspora to chart a development course that is “African-led and African-owned,” as the continent seeks to build on decades of economic resilience and reduce dependence on external forces.

Speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) in Abuja on Wednesday, Cardoso praised the bank’s evolution from its modest inception in 1993 into a major financial force across the continent.

With the theme “Building the Future on Decades of Resilience,” Cardoso said the meeting marks a celebration of Afreximbank’s growth, whose capital assets have surged from an initial $750 million to over $40 billion by the end of 2024.

Cardoso said, “Afreximbank has grown from humble beginnings to become a catalyst for change and a convener of ambition. Its success mirrors Africa’s increasing confidence in its own capabilities.”

Highlighting the importance of strong local institutions, Cardoso stressed the need for Africa to insulate itself from external shocks such as global economic fragmentation, trade protectionism, and shifting geopolitical dynamics.

“These forces are not only hampering our development prospects, they threaten the stability of the global order itself,” he warned.

To navigate these challenges, the CBN Governor advocated homegrown institutions rooted in African realities, equipped with robust systems, reliable data, and sound governance frameworks. “Resilience is not accidental. It is engineered,” he reiterated.

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Cardoso underscored the importance of long-term thinking, institutional transparency, and trust-building, particularly in turbulent times, and noted: “Great ideas cannot thrive on weak foundations”.

Nigeria, he added, remains the largest single beneficiary of Afreximbank’s financing initiatives, having accessed approximately $52 billion in trade and project finance to date, a reflection of the country’s economic scale and strategic importance.

Cardoso also referenced recent financial reforms in Nigeria aimed at stabilising the naira and restoring confidence in the monetary system.

“At the Central Bank of Nigeria (CBN), we are committed to rebuilding trust with the markets, citizens, and partners. We recognise that institutional credibility is the anchor of effective monetary and financial policy.”

The Afreximbank meeting continues this week with high-level discussions on trade, development finance, and Africa’s positioning in a shifting global landscape.