At a major pan-African summit in Abuja, the Governor of Nigeria’s Central Bank, Olayemi Cardoso, has urged African nations to unite more strategically, deepen trade links, and embrace partnerships with their global diaspora to shape a prosperous future for the continent.
Speaking at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), Cardoso praised the institution’s role in bolstering trade and economic resilience across Africa.
“To build the Africa we want, we must act together—with clarity, ambition, and a shared purpose,” Cardoso told delegates. He highlighted the importance of implementing the African Continental Free Trade Area (AfCFTA) agreement and fostering more cohesive regional integration.
With the theme “Building the Future on Decades of Resilience”, the summit brought together leaders, policymakers and business executives to chart a new course for Africa’s economic future.
The Central Bank chief hailed Afreximbank’s evolution into a financial powerhouse, with capital growth from $750 million to more than $40 billion in 2024. He credited the bank’s ability to adapt to economic shocks and drive innovation on the continent.
Cardoso also acknowledged Nigeria’s strong engagement with the bank, with $52 billion in trade and project funding channelled to Africa’s largest economy over the past decade.
However, he sounded a note of caution, warning of growing threats such as economic fragmentation, rising protectionism, and shifting geopolitical alliances, all of which he said are jeopardising Africa’s development.
Looking ahead, Cardoso urged African leaders to champion digital transformation, clean energy, food sovereignty, and a vibrant private sector capable of creating inclusive growth. “Let us not just be inspired by our past; let us be united in building the future,” he said.
In a move aimed at strengthening ties with the diaspora, Cardoso also introduced two new financial instruments: the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account. These will allow Nigerians abroad to invest securely in the country’s financial markets.
The conference underscored Afreximbank’s evolving role as both a driver of ambition and a partner in realising the continent’s aspirations in a rapidly changing world.
