Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has landed a major continental financial leadership role, emerging as chairman of the board of directors of the Africa Finance Corporation (AFC) at a time when Africa is intensifying efforts to close its infrastructure gap, mobilise domestic capital and accelerate industrialisation.
The appointment places Cardoso at the helm of one of Africa’s key infrastructure financing institutions, with a mandate centred on unlocking investment for railways, industrial projects, digital connectivity and other strategic assets needed to drive economic growth across the continent.
The AFC announced the appointment in a statement on Wednesday, confirming that Cardoso would succeed Ireti Samuel-Ogbu, the immediate-past chair, who will remain on the board as a member.
The development comes as the corporation pushes its long-term ambition, The Africa We Build 2050, to mobilise African capital for infrastructure and industries capable of generating jobs, expanding productive capacity and strengthening economic resilience.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would reinforce the corporation’s drive to finance projects that address Africa’s structural economic weaknesses.
“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 strengthen the corporation’s efforts to finance transformative infrastructure and industrial investments across the continent.
“His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people,” he said.
For Cardoso, the challenge is to turn Africa’s enormous investment needs into productive assets capable of supporting sustainable growth, expanding trade and creating employment.
The CBN governor said the corporation had established the credibility and track record required to mobilise capital for infrastructure and industrial development.
“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,” Cardoso said.
He pledged to work with the board, management and member states to advance the corporation’s continental development agenda.
“I look forward to working with the Board, management and member states to advance The Africa We Build 2050,” he added.
From Nigeria’s Monetary Reforms To Continental Finance
Cardoso’s emergence comes against the backdrop of his tenure at the CBN, which began in September 2023 and has been marked by monetary and foreign exchange reforms, alongside measures aimed at strengthening the banking sector and restoring confidence in Nigeria’s financial system.
According to the AFC, these reforms have formed part of his efforts to strengthen the country’s financial architecture.
Before becoming CBN governor, Cardoso served as chairman of Citibank Nigeria for 12 years and as Lagos State commissioner for economic planning and budget.
He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School in the United States.
His new assignment extends his leadership responsibilities beyond Nigeria’s domestic monetary and financial system to a continental institution focused on mobilising long-term financing for strategic infrastructure and industrial projects.
AFC Bets Billions On Infrastructure, Industry
The corporation’s investment portfolio underscores the scale of the development agenda Cardoso is expected to help steer.
Among its recent milestones, the AFC cited the achievement of financial close on the $753 million Lobito Corridor Railway Project in Angola, a strategic transport initiative intended to strengthen regional connectivity and facilitate the movement of goods.
The corporation also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, a major industrial investment with implications for fertiliser production and agricultural supply chains.
In the digital economy, AFC committed a combined $300 million investment alongside Vision Invest in WIOCC Group to expand digital infrastructure across Africa.
The corporation said the investments were designed to connect markets, strengthen industrial value chains and mobilise capital for the continent’s economic transformation.
With Cardoso now chairing its board, the AFC is seeking to deepen its role in financing the infrastructure and industries required to increase Africa’s productive capacity, improve regional integration and create jobs.
The central test will be how effectively the corporation converts its financing commitments and strategic ambitions into projects that deliver measurable economic benefits across African economies.
