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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), succeeding Ireti Samuel-Ogbu, who will remain a member of the board.
The AFC announced the appointment in a statement, citing Cardoso’s experience in financial sector reform, corporate governance and capital markets as valuable to its strategy of mobilising investment for infrastructure development across Africa.
The appointment comes as the CBN continues to implement monetary and institutional reforms aimed at strengthening Nigeria’s financial system and improving the operating environment for businesses and investors.
Cardoso’s financial sector experience to support AFC strategy
The corporation highlighted reforms undertaken by the CBN since Cardoso assumed office in September 2023, including changes to the foreign exchange market and the completion of the banking sector recapitalisation programme.
Before his appointment as CBN governor, Cardoso spent 12 years as Chairman of Citibank Nigeria and served 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.
His experience in financial services, public administration and economic policy is expected to support the AFC’s work in mobilising capital for infrastructure and industrial development across the continent.
AFC leadership highlights infrastructure investment agenda
AFC President and Chief Executive Officer Samaila Zubairu said Cardoso’s leadership would strengthen the corporation’s efforts to advance its The Africa We Build 2050 agenda.
Zubairu also acknowledged Samuel-Ogbu’s contributions to the board, as she continues in her role as a director following the leadership transition.
Cardoso said the corporation had established the credibility and track record needed to mobilise capital for infrastructure and industry across Africa.
He emphasised that the value of investments should be assessed by their contribution to productive capacity, industrial development and employment.
According to Cardoso, the impact of infrastructure financing extends beyond the capital deployed to include the industries supported and the jobs created.
AFC highlights major infrastructure and industrial investments
The corporation pointed to several recent investments as examples of its role in financing projects intended to support Africa’s economic development.
These include the financial close of the $753 million Lobito Corridor Railway Project in Angola, a major transport infrastructure initiative, and a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion project in Nigeria.
The AFC also cited a combined $300 million investment with Vision Invest in WIOCC Group to support digital infrastructure development.
The investments span transport, industrial production and digital connectivity, reflecting the corporation’s focus on infrastructure that can strengthen economic activity and productive capacity.
Financing infrastructure to support Africa’s economic growth
Cardoso’s appointment places financial sector leadership at the centre of the AFC’s efforts to mobilise long-term investment for African infrastructure and industry.
The corporation’s cited projects demonstrate its involvement in transport networks, fertiliser production and digital infrastructure, sectors that support trade, industrial activity and economic connectivity.
As the AFC advances its The Africa We Build 2050 agenda, Cardoso’s stated emphasis on productive capacity, industrial development and job creation aligns with the corporation’s focus on directing capital towards projects with broader economic impact.
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