The Africa Finance Corporation (AFC) has appointed Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), as chairman of its board of directors.
The corporation announced the appointment in a statement on Wednesday, saying Cardoso would succeed Ireti Samuel-Ogbu, the immediate-past chair, who will remain a member of the board.
Commenting on the appointment, Samaila Zubairu, president and chief executive officer (CEO) of AFC, said Cardoso’s leadership would strengthen the corporation’s efforts to finance infrastructure and industrial development across Africa.
“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.
“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.”
On his part, Cardoso said the corporation has the credibility and track record to mobilise capital for infrastructure and industrial development across the continent.
“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,” the CBN governor said.
“I look forward to working with the Board, management and member states to advance The Africa We Build 2050.”
According to the AFC, since becoming the CBN governor in September 2023, Cardoso has overseen monetary and foreign exchange (FX) reforms, alongside changes aimed at strengthening the banking sector and improving confidence in Nigeria’s financial system.
“Before his appointment as CBN governor, he served as chairman of Citibank Nigeria for 12 years and as Lagos state commissioner for economic planning and budget,” the statement added.
“He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School.”
Committing to continue advancing transformational infrastructure and industrial investments across Africa, the AFC said its recent milestones include achieving financial close on “the $753 million Lobito Corridor Railway Project in Angola and supporting a $600 million facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria”.
The corporation also committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to expand digital infrastructure across Africa.
The corporation said the investments were aimed at connecting markets, strengthening industrial value chains and mobilising capital for the continent’s economic transformation.
