By Stella Odueme
The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors.
The corporation announced the appointment in a statement issued in Lagos on Wednesday, noting that Cardoso would succeed Ireti Samuel-Ogbu, who served as board chair and would continue as a member of the board.
Cardoso brings extensive experience in international banking, investment management, economic policy and public sector leadership to the position.
Since assuming office as CBN governor in September 2023, he has led several monetary, financial sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria's economy.
Under his leadership, the apex bank has introduced significant reforms in the foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission and improved institutional governance and transparency.
The CBN has also completed a banking sector recapitalisation programme designed to strengthen the resilience and capacity of Nigeria's financial system to support sustainable economic growth.
Before his appointment as governor, Cardoso had a distinguished career in international banking and public service, including 12 years as Chairman of Citibank Nigeria.
He also served as Commissioner for Economic Planning and Budget in Lagos State, where he contributed to economic planning and fiscal management.
Cardoso holds a degree from Aston University in the United Kingdom and a master's degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
The AFC said his appointment came at a time when the corporation was expanding its role in financing and developing strategic infrastructure projects to bridge Africa's infrastructure deficit, accelerate industrialisation and promote regional integration.
It expressed confidence that his experience in financial sector reforms, institutional governance and capital markets would strengthen the corporation's strategic direction as it mobilises investments to unlock Africa's economic potential.
The President and Chief Executive Officer of AFC, Samaila Zubairu, welcomed Cardoso's appointment, expressing confidence that his leadership would advance the corporation's infrastructure and industrial development agenda.
"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," Zubairu said.
He added that Cardoso's leadership would strengthen the corporation's efforts under its The Africa We Build 2050 initiative, which seeks to mobilise African capital to develop infrastructure and industries that create jobs, prosperity and dignity.
Zubairu also expressed appreciation to Samuel-Ogbu for her dedication and contributions to the corporation during her tenure as board chair.
In his remarks, Cardoso said Africa's economic stability depended on building productive capacity, developing industries and creating employment opportunities.
"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," he said.
He expressed readiness to work with the board, management and member states to advance the corporation's long-term development agenda.
According to him, the success of the initiative should be measured by the productive capacity created, industries enabled and jobs supported across the continent.
The corporation highlighted several major investments reflecting its commitment to Africa's infrastructure development.
These include achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrading and long-term operation of the 1,300-kilometre railway corridor.
The AFC is also supporting a $600 million facility for the Dangote Group's $7 billion fertiliser expansion programme in Nigeria to increase production capacity.
Additionally, the corporation has committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across Africa.
The investments, according to the corporation, demonstrate its strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital to drive economic transformation.
Established in 2007, the Africa Finance Corporation provides financial and technical advisory services, project structuring, project development and risk capital to support infrastructure and industrial investments across Africa.
The corporation said it had grown into a major infrastructure investment partner on the continent, with 49 member countries and more than $20 billion invested across 36 African countries since its establishment.
Its investments span key sectors, including power, natural resources, heavy industry, transportation and telecommunications.