The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors,
in a move expected to strengthen the corporation’s strategic direction and investment drive across Africa.
The corporation announced the appointment in a statement on Wednesday, saying Cardoso would succeed Ireti Samuel-Ogbu, the immediate past chairperson, who remains a member of the board.
Cardoso brings extensive experience in international banking, investment management, economic policy and public-sector leadership to the position.
Since assuming office as CBN governor in September 2023, he has spearheaded monetary, financial-sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the apex bank has introduced significant reforms to the foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency.
The CBN has also concluded a banking-sector recapitalisation programme designed to strengthen the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.
Before his appointment as CBN governor, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget, where he contributed to economic planning and fiscal management.
He holds a degree from Aston University, United Kingdom, and a master’s degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
Commenting on the appointment, AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would strengthen the corporation’s efforts to mobilise African capital for infrastructure and industrial development.
“We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.
He added that Cardoso’s appointment would support the corporation’s The Africa We Build 2050 initiative, which seeks to mobilise capital for infrastructure and industries capable of creating jobs, prosperity and improved livelihoods across the continent.
Zubairu also commended Samuel-Ogbu for her dedication and contributions to the corporation during her tenure as board chair.
In his remarks, Cardoso said Africa’s economic stability depended on building productive capacity, developing industries and creating employment opportunities.
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation,” he said.
He expressed readiness to work with the board, management and member states to advance the corporation’s long-term development agenda.
According to him, the success of Africa’s economic transformation should be measured by the productive capacity created, industries enabled and jobs supported.
AFC has continued to expand its infrastructure and industrial investment portfolio across the continent.
Among its recent milestones is the financial close of the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrade and long-term operation of a 1,300-kilometre railway corridor.
The corporation has also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at scaling up production.
In addition, AFC committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across Africa.
The investments, the corporation said, reflect its strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale.
Established in 2007, AFC provides financial and technical advisory services, project structuring, project development and risk capital to support infrastructure and industrial investments across Africa.
The corporation has 49 member countries and said it had invested more than $20 billion across 36 African countries since its establishment.
