Cardoso Named Chairman of Africa Finance Corporation Board
By Patience Ikpeme
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), a pan-African institution that finances infrastructure projects across the continent.
He takes over from Mrs Ireti Samuel-Ogbu, who has completed her time as Chair but will stay on as a member of the board.
AFC announced the appointment in a statement, saying Mr Cardoso’s experience in international banking, investment management, economic policy and public service would help guide the Corporation’s leadership and its investment decisions. It added that the appointment comes as the Corporation steps up efforts to raise money for infrastructure, industrial growth and closer economic ties among African countries.
Mr Cardoso became CBN Governor in September 2023. Since then, he has led reforms meant to steady Nigeria’s economy, make monetary policy more credible and make the financial system stronger. The CBN has changed how the foreign exchange market works, settled long-standing foreign exchange obligations and taken steps to make its interest rate and other policy decisions reach the wider economy more effectively. The apex bank has also tightened its governance and transparency rules and completed a recapitalisation programme for banks, so that they can better withstand financial shocks and support economic growth.
Before joining the CBN, Mr Cardoso spent 12 years as Chairman of Citibank Nigeria. He also served as Commissioner for Economic Planning and Budget in Lagos State, where he worked on economic planning and the management of public funds. 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, where he also served on the Alumni Board.
The President and Chief Executive Officer of AFC, Mr Samaila Zubairu, welcomed the new Chairman. “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,” he said.
Mr Zubairu said Mr Cardoso’s leadership would help the Corporation carry out its long-term plan, called The Africa We Build 2050. The plan aims to bring African money together to build the infrastructure and industries that create jobs, prosperity and dignity for Africans. He also thanked Mrs Samuel-Ogbu for her service and her contribution during her time as Chair.
Responding, Mr Cardoso said Africa can only be stable in the long run if it produces more, builds its industries and creates jobs. “A more productive Africa is a more stable Africa,” he said. He described AFC as an institution with the credibility and track record to raise capital for infrastructure and industry, and said he looked forward to working with the board, management and member countries.
He also spelt out how he would judge his own success. “Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” he said.
AFC pointed to three recent deals to show the kind of work it does. It reached financial close on the US$753 million Lobito Corridor Railway Project in Angola, which will rebuild, upgrade and operate over the long term an existing 1,300-kilometre railway line. The railway is expected to improve transport links and make it easier to move goods across the region.
In Nigeria, the Corporation is supporting a US$600 million facility for the Dangote Group’s US$7 billion fertiliser expansion programme, which is meant to raise production capacity. AFC has also committed US$300 million, together with Vision Invest, to WIOCC Group to expand digital infrastructure across the continent.
According to AFC, these deals reflect its approach of building infrastructure that links markets, strengthens industrial supply chains and attracts large amounts of funding for economic development.
The Corporation works in power, natural resources, heavy industry, transport and telecommunications. It has 49 member countries and says it has invested more than US$20 billion in 36 African countries since it was established.
The appointment comes at a time when African economies are looking for more investment in infrastructure to close development gaps, support industrial production and improve trade between countries.
