CBN Governor Cardoso urges African nations to build strong institutions to survive global economic shocks.
He praised Afreximbank’s impact and stressed using diaspora support to drive Africa’s future development.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has called on African countries to invest in building strong, resilient institutions capable of withstanding global economic shocks. At the opening ceremony of the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), which brought together investors, policymakers, and development specialists to consider Africa’s economic future, he gave the speech in Abuja on Wednesday.
“This is a moment not just to look back but to look forward,” Cardoso said in his keynote address. He urged African leaders to embrace ambitious, Africa-led growth strategies driven by solid institutional foundations. In his view, the current era of economic uncertainty, marked by trade protectionism, climate risks, and geopolitical shifts, demands deliberate and long-term institutional planning.
“Great ideas cannot succeed on weak foundations,” he stressed, highlighting the importance of sound governance, transparency, and public trust. Cardoso said that Africa must “engineer” resilience to survive and thrive in the evolving global economy.
Celebrating Afreximbank’s growth and impact
Cardoso lauded Afreximbank for evolving from a trade finance institution into a strategic pan-African development partner. Founded in Abuja in 1993, the bank now includes 51 African shareholder states and numerous public and private sector collaborators. The CBN governor praised several of its initiatives, including the $10 billion Counter-Cyclical Trade Liquidity Facility and the $2 billion COVID-19 vaccine financing scheme, both of which helped cushion Africa’s economies in times of crisis.
Describing the 32nd anniversary as a “momentous occasion,” Cardoso said the bank continues to inspire hope and drive regional cooperation. He also acknowledged the bank’s expanded definition of the African diaspora, which now includes Afro-descendants in the Caribbean and the Americas, an inclusion he described as vital to the continent’s broader development goals.
Nigeria’s leading role in Afreximbank
Cardoso noted that Nigeria remains Afreximbank’s largest single beneficiary, having received approximately $52 billion in trade and project financing. He cited investments in energy infrastructure, such as the Dangote and Port Harcourt refineries, as examples of the bank’s impact. As a founding shareholder and major economic power on the continent, Nigeria’s role in Afreximbank’s success has been significant, he said.
He also highlighted recent reforms by the CBN aimed at increasing diaspora engagement in the Nigerian economy. These include the launch of two financial instruments, the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA), designed to encourage remittance inflows and foreign investments from Nigerians living abroad.
“The economic potential of our diaspora must be fully harnessed,” Cardoso said, adding that structured engagement with diaspora communities is “vital to Africa’s development agenda.”
The Afreximbank Annual Meetings, themed “Building the Future on Decades of Resilience,” are being held from June 25 to 27 at the Transcorp Hilton in Abuja. The event is hosting more than 6,000 participants and features expert panel discussions, economic forecasts, and strategic development dialogues across Africa.
