The Africa Finance Corporation has appointed the Governor of the Central Bank of Nigeria, Olayemi Cardoso, as Chairman of its Board of Directors, in a move expected to strengthen the institution’s strategic focus on infrastructure financing, industrial development and economic transformation across Africa.
The appointment was announced in a statement issued on Wednesday, by the corporation. Cardoso succeeds Ireti Samuel-Ogbu, who served as the board’s immediate-past chairperson and will remain a member of the board.
AFC said Cardoso’s experience in international banking, investment management, economic policy and public sector administration would provide valuable leadership as the corporation intensifies efforts to mobilise capital for strategic infrastructure projects across the continent.
Since assuming office as CBN governor in September 2023, Cardoso has overseen a series of monetary, financial sector and institutional reforms aimed at restoring macroeconomic stability, strengthening confidence in monetary policy and improving investor sentiment towards Nigeria’s economy.
Under his leadership, the apex bank has introduced significant changes to the foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission and pursued improvements in institutional governance and transparency.
The CBN has also completed a recapitalisation programme for the banking sector, designed to strengthen financial institutions’ capacity to withstand economic shocks and provide the funding required to support sustainable economic growth.
Before becoming CBN governor, Cardoso built an extensive career in banking and public service, including a 12-year tenure as chairman of Citibank Nigeria. He also served as Lagos State Commissioner for Economic Planning and Budget, contributing to economic planning and fiscal management in one of Africa’s largest economies.
He obtained 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.
His appointment comes as AFC seeks to expand its involvement in financing and developing infrastructure assets capable of addressing Africa’s infrastructure deficit, supporting industrialisation and improving economic integration among African countries.
The corporation said Cardoso’s background in financial sector reform, capital markets and institutional governance would be particularly relevant to its efforts to attract investment and develop infrastructure platforms that can unlock economic opportunities across the continent.
Commenting on the appointment, AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would reinforce the corporation’s commitment to expanding Africa’s productive capacity.
“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. 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. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.”
Cardoso said his appointment would provide an opportunity to work with the corporation’s leadership and member states to advance infrastructure development and strengthen the continent’s economic foundations.
“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. I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.”
AFC’s infrastructure financing activities span transportation, energy, telecommunications, natural resources and heavy industry, with the corporation pursuing investments intended to improve connectivity, strengthen industrial value chains and facilitate trade across African markets.
Among its recent milestones is achieving financial close on the $753m Lobito Corridor Railway Project in Angola. The project is designed to support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre existing rail corridor, which is expected to strengthen transportation links and facilitate the movement of goods.
The corporation has also supported a $600m financing facility for the Dangote Group’s $7bn fertiliser expansion programme in Nigeria. The initiative is intended to increase production capacity and strengthen the country’s position in the fertiliser industry.
In the digital infrastructure sector, AFC committed to a combined $300m investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across Africa.
According to the corporation, the investments reflect its strategy of developing infrastructure platforms that connect markets, support industrial production and attract capital at a scale capable of driving long-term economic transformation.
Established in 2007, AFC was created to facilitate infrastructure and industrial investments across Africa through industry expertise, financial and technical advisory services, project structuring, project development and risk capital.
Over the past 19 years, the corporation has developed a portfolio of infrastructure assets across key sectors, including power, natural resources, heavy industry, transportation and telecommunications.
AFC currently has 49 member countries and said it had invested more than $20bn across 36 African countries since its establishment.
Cardoso’s appointment places a central bank governor with experience in monetary policy and financial sector reform at the head of the board of an institution focused on long-term infrastructure investment.
The development comes as African economies seek to mobilise more domestic and international capital to address infrastructure shortages, expand industrial capacity and create employment opportunities.
For Nigeria, the appointment also brings the head of its monetary authority into a prominent leadership position at a pan-African development finance institution whose investments include major projects in transportation, manufacturing and digital connectivity.
The corporation’s longer-term strategy, The Africa We Build 2050, is focused on mobilising African capital to finance productive infrastructure and industries, with the stated objective of supporting economic resilience, employment generation and sustainable prosperity across the continent.
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