Cardoso Calls for Stronger Institutions, Diaspora Engagement at Afreximbank Annual Meetings
By Patience Ikpeme
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that building strong African institutions requires deliberate investment in resilience, governance, and strategic foresight.
Speaking at the opening of the 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) on Wednesday, June 25, in Abuja, Mr. Cardoso described institutional resilience as the bedrock for long-term stability and prosperity on the continent.
“A resilient institution is not an accident—it is deliberately engineered through foresight, preparedness for crisis, governance, and trust,” Mr. Cardoso said in his keynote address at the Transcorp Hilton Hotel, where the three-day high-level event is taking place under the theme, “Building the Future on Decades of Resilience.”
The 2025 meetings mark Afreximbank’s 32nd anniversary, an occasion the CBN Governor called a time to reflect on the bank’s evolution and impact. “This is not just a celebration of a milestone,” Cardoso noted, “but a recognition of the transformative journey of an institution that continues to shape Africa’s economic destiny.”
He praised Afreximbank’s President, Prof. Benedict Oramah, the Board of Directors, and the bank’s staff for their consistency in delivering on the bank’s mandate. “Your work has inspired hope, confidence, and collective action across the continent,” Cardoso said.
Addressing the sub-theme of the day’s proceedings—“Thirty-Two Years of Resilient Growth and Transformation”—Cardoso noted that the timing of the conversation was apt, as Africa faces a complex set of overlapping challenges. “Geopolitical fragmentation, protectionist policies, climate shocks, and technological shifts have all tested our resolve,” he said. “Yet, through it all, Africa has shown an incredible ability to adapt and persevere.”
He pointed to Afreximbank’s evolution from a trade finance provider into a multifaceted pan-African institution that now serves as a convener and development catalyst. He reminded the audience that the bank was founded in Abuja in 1993 during a period when global lenders were scaling back their exposure to Africa.
“From its modest beginnings, Afreximbank has grown into a formidable force on the continent, supported by 51 African countries and a growing network of partners from both public and private sectors,” he said.
Cardoso cited several landmark initiatives led by the bank, including the launch of the Counter-Cyclical Trade Liquidity Facility (COTRALF) in 2015, which disbursed over US$10 billion to address foreign exchange shortages. He also commended the bank’s US$2 billion financing for the procurement of 400 million COVID-19 vaccine doses in partnership with the African Union.
“These are not just financial interventions—they are life-saving, economy-stabilizing moves that demonstrate what Africa can achieve when it leans on its own institutions,” he added.
Speaking on Nigeria’s relationship with the bank, Cardoso stated that the country remains Afreximbank’s largest single beneficiary, having received about US$52 billion in trade and project finance. “Nigeria’s engagement with Afreximbank has been deep, impactful, and aligned with national development objectives,” he said.
Turning to regional cooperation, the CBN Governor urged African leaders to fast-track the implementation of the African Continental Free Trade Area (AfCFTA), strengthen intra-African trade, and forge closer bonds with the African diaspora. “Our diaspora is not just a source of remittances—it is an extension of our identity and a reservoir of capital, talent, and ideas,” he said.
He also provided updates on reforms introduced by the CBN to facilitate diaspora investment, including the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account. According to him, these instruments were designed to increase remittance flows and direct investment from Nigerians living abroad.
Cardoso also addressed the central bank’s reform agenda since he assumed office, stating that the CBN has prioritised transparency, stability, and confidence-building. “We are rebuilding trust with citizens, markets, and partners through clarity, consistency, and a strong commitment to institutional integrity,” he said.
He closed his address with a call for purpose-driven leadership and ambition across the continent. “Afreximbank has helped us dream big. Now, it is time to deliver big,” Cardoso said.
