CBN Governor urges unity as Afreximbank assets hit $40bn
BY MOTOLANI OSENI
Governor of the Central Bank of Nigeria, Mr Yemi Cardoso, has called for strategic unity among African nations as the African Export-Import Bank (Afreximbank) grows its capital assets to over $40 billion in 2024.
Speaking at the 2025 Afreximbank Annual Meetings in Nassau, The Bahamas, Cardoso commended the bank’s transformational role in the continent’s economic landscape, hailing its evolution from a $750 million institution to a $40 billion financial powerhouse.
He praised Professor Benedict Oramah and the Afreximbank team for driving financial innovation and fostering pan-African cohesion.
Cardoso said the bank has become a trusted partner and a catalyst for change, with growing confidence from 51 African countries and a blend of public and private investors.
READ ALSO: Zamfara civil servants resort to Okada, tea selling over ghost worker syndrome
While recognising Afreximbank’s accomplishments, he urged stakeholders to confront emerging global challenges such as rising protectionism, economic fragmentation, and geopolitical tensions, which threaten the continent’s development.
Cardoso advised that building resilience requires long-term strategic foresight, data-driven decisions, crisis preparedness, and cohesive regional policies. He called for accelerated implementation of the African Continental Free Trade Area (AfCFTA), deeper regional integration, and stronger diaspora engagement to strengthen Africa’s economic unity. He also noted the Central Bank of Nigeria’s renewed commitment to rebuilding trust and institutional credibility, describing it as the bedrock of effective monetary policy.
Cardoso highlighted Nigeria’s leading role as a major shareholder and beneficiary of Afreximbank’s initiatives, accounting for around 60 per cent of the bank’s $30 billion energy sector funding.
He cited Afreximbank’s critical support for strategic projects, including the Dangote and Port Harcourt refineries, as part of plans to transform the Gulf of Guinea into a regional refining hub.
The bank’s backing of Nigeria’s fertiliser industry has helped the country become Africa’s top producer with an annual capacity of 7.5 million metric tonnes.
Afreximbank is also championing the establishment of the Africa Energy Bank in Abuja to bolster energy security, while extending its footprint to Nigeria’s creative sector through credit support, capacity building, and market access for cultural exports.
