Barbara Bako, Abuja.
The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, as Chairman of its Board of Directors, as the institution intensifies efforts to mobilise investment for Africa’s infrastructure and industrial development.
Cardoso succeeds Ireti Samuel-Ogbu, who will remain on the board after completing her tenure as chairman.
The appointment brings to the leadership of the pan-African infrastructure financier a background in international banking, investment management, economic policy and public sector administration.
Since assuming office as CBN governor in September 2023, Cardoso has overseen monetary and financial-sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
The reforms include changes to the foreign exchange market, efforts to address outstanding foreign exchange obligations, improvements in monetary policy transmission and measures to strengthen institutional governance and transparency.
The CBN has also concluded a banking-sector recapitalisation programme designed to strengthen the resilience and capacity of financial institutions to support sustainable economic growth.
Before his appointment as CBN governor, Cardoso served for 12 years as chairman of Citibank Nigeria and was Commissioner for Economic Planning and Budget in Lagos State, where he contributed to economic planning and fiscal management.
He holds a degree from Aston University in the 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 experience and commitment to strengthening Africa’s productive capacity would support the corporation’s strategic ambitions.
“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 said Cardoso’s leadership would strengthen the corporation’s efforts under its The Africa We Build 2050 agenda, which seeks to mobilise African capital for infrastructure and industrial development, job creation and economic prosperity.
Zubairu also commended Samuel-Ogbu for her contributions to the corporation during her tenure as chairman.
In his remarks, Cardoso said Africa’s economic stability depended on expanding its productive capacity and developing industries capable of supporting sustainable growth.
“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 added that the corporation’s success should be measured by the productive capacity it creates, the industries it enables and the jobs it supports.
The appointment comes as AFC advances investments in transport, energy, industrial production and digital infrastructure across the continent.
Among its recent projects is the financial close of the $753 million Lobito Corridor Railway Project in Angola, which is expected to support the rehabilitation, upgrade and long-term operation of a 1,300-kilometre rail corridor.
The corporation has also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In the digital infrastructure sector, AFC committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of digital infrastructure across Africa.
According to the corporation, the investments are intended to improve regional connectivity, strengthen industrial value chains and attract capital to strategic infrastructure projects.
Established in 2007, AFC provides financial and technical advisory services, project structuring, project development and risk capital for infrastructure and industrial investments across Africa.
The corporation said it has 49 member countries and has invested more than $20 billion in 36 African countries since its establishment.
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