By Damilola Samuel
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), placing him at the helm of the institution responsible for financing and developing strategic infrastructure projects across Africa.
Cardoso succeeds Ireti Samuel-Ogbu, who served as the corporation’s immediate-past board chairperson but will remain a member of the board.
The appointment comes as the AFC seeks to mobilise more investment for infrastructure development, industrialisation and regional integration across the continent.
Announcing the appointment, AFC said Cardoso’s experience in financial sector reform, economic policy, investment management and institutional governance would contribute to the corporation’s strategic direction.
Since becoming CBN governor in September 2023, Cardoso has overseen monetary and financial sector reforms aimed at restoring macroeconomic stability, improving policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the apex bank has introduced changes to the foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission and improved institutional transparency and governance.
The CBN has also completed a banking sector recapitalisation programme designed to improve the resilience and capacity of financial institutions to support sustainable economic growth.
Before his appointment as 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 in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s appointment 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 leadership would support the corporation’s The Africa We Build 2050 initiative, which seeks to develop infrastructure and industries capable of generating employment and economic prosperity.
Zubairu also thanked Samuel-Ogbu for her contributions to the board during her tenure.
In his response, Cardoso said the continent’s economic stability was closely linked to its ability to expand production and develop industries.
“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 development agenda.
“Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” Cardoso added.
The AFC has recently advanced several major infrastructure and industrial investments across Africa.
Among them is the financial close of the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre existing rail corridor.
The corporation has also supported a $600 million financing facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at scaling up production.
In addition, it has committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of digital infrastructure across the continent.
According to the AFC, the projects reflect its strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and attract investment to support Africa’s economic transformation.
