Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors, in a move that places Nigeria’s apex bank chief at the helm of the pan-African infrastructure financing institution.
Cardoso succeeds Ireti Samuel-Ogbu, who served as the corporation’s board chair and will continue as a member of the board following the end of her tenure in the leadership position.
The appointment comes as the AFC intensifies efforts to mobilise capital for strategic infrastructure projects, industrial development and regional integration across Africa.
According to the corporation, 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 overseen 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 implemented changes to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency.
The CBN has also concluded 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 CBN governor, Cardoso had a distinguished career in international banking and public service, including 12 years as Chairman of Citibank Nigeria.
He also served as Lagos State Commissioner for Economic Planning and Budget, contributing to economic planning and fiscal management in one of Africa’s largest economies.
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 corporation said Cardoso’s appointment comes at a critical time as it expands its role in financing and developing strategic infrastructure assets to address Africa’s infrastructure deficit, accelerate industrialisation and strengthen regional economic integration.
His experience in financial-sector reform, institutional governance and capital markets is expected to contribute to the corporation’s strategic direction as it seeks to mobilise investments to unlock Africa’s economic potential.
Commenting on the appointment, AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso shared the corporation’s conviction that Africa’s long-term stability depends on strengthening its productive capacity.
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“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 focuses on mobilising African capital to finance infrastructure and industries capable of creating jobs and supporting economic prosperity.
Zubairu also commended Samuel-Ogbu for her dedication and contributions to the AFC board during her tenure as chairman.
In his response, Cardoso said Africa’s economic stability depended on its ability to expand production, develop industries and create 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 The Africa We Build 2050 agenda.
According to him, the success of the initiative should be measured by the productive capacity created, the industries enabled and the jobs supported across the continent.
The appointment comes against the backdrop of the AFC’s ongoing investments in transport, manufacturing and digital infrastructure across Africa.
Among its recent milestones is achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, which is expected to support the rehabilitation, upgrade and long-term operation of a 1,300-kilometre existing rail corridor.
The corporation has also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at scaling up production capacity.
In the digital infrastructure sector, AFC committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent.
The corporation said the investments reflect its strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and attract capital at scale.
With Cardoso’s appointment, the AFC is seeking to sustain its focus on infrastructure financing and industrial development as African economies pursue greater productive capacity, stronger regional integration and long-term economic growth.
