By John Moses
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has called for stronger strategic unity among African nations as a key pillar for securing the continent’s future prosperity.
Speaking at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Wednesday, Cardoso stressed the need to accelerate the African Continental Free Trade Area (AfCFTA) agreement, enhance regional cooperation, and deepen partnerships with the African diaspora.
“To secure the future that we envision, we must foster greater strategic cohesion among African member states,” Cardoso said.
He praised Afreximbank’s leadership and its ongoing efforts to reshape Africa’s economic landscape, describing the institution as a “trusted partner, a convener of ambition, and a catalyst for transformative change.”
Over the past decade, Nigeria has received approximately $52 billion in trade and project financing from the bank—a reflection, he said, of the scale of Nigeria’s economy and its deepening ties with Afreximbank.
Cardoso highlighted the bank’s expansion from a modest capital base of $750 million to over $40 billion in 2024, attributing its resilience to strategic foresight, preparedness for economic shocks, and clear communication.
He warned, however, that Africa faces serious headwinds: global trade protectionism, geopolitical instability, and economic fragmentation threaten both development and international alignment.
Cardoso urged policymakers to commit to green growth, digital transformation, and energy sovereignty. “Afreximbank has helped us dream big. Now it’s time to deliver big,” he said.
As part of efforts to engage the diaspora, the CBN governor announced two new financial products: the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, which will allow Nigerians abroad to securely manage their funds and invest in local markets.
The Afreximbank summit, held under the theme “Building the Future on Decades of Resilience”, focused on innovation, cross-border investment, and sustainable economic development across Africa.
