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By Daniel Adaji
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has called on African leaders to prioritise institutional resilience and accelerate the implementation of the African Continental Free Trade Area (AfCFTA) as key steps toward securing the continent’s future.
Speaking at the opening of the 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Wednesday, Cardoso said Africa’s ability to thrive amid rising global challenges depends on the strength of its institutions and strategic unity among its countries.
“Afreximbank has helped us dream big. Now, it is time to deliver big,” Cardoso said.
He warned that Africa faces multiple overlapping challenges – geopolitical tensions, trade protectionism, technological disruptions, and climate shocks – and stressed that resilience must be “deliberately engineered through strategic foresight, crisis preparedness, sound governance, and stakeholder trust.”
The event marked Afreximbank’s 32nd anniversary and drew leaders and stakeholders from across Africa and beyond. Themed “Building the Future on Decades of Resilience”, the meeting will run from June 25 to 27 in Abuja.
Cardoso highlighted Nigeria’s deep ties with Afreximbank, stating, “Nigeria is both a founding member and the Bank’s largest single beneficiary,” having received about US$52bn in trade and project financing.
He commended the Bank for its evolving role from a trade financier to a “trusted pan-African partner, strategic convener, and catalyst for change.”
He recalled Afreximbank’s establishment in Abuja in 1993 to support trade when international finance institutions were withdrawing from Africa.
Cardoso pointed to key interventions by the Bank, such as the US$10bn disbursed through the Counter-Cyclical Trade Liquidity Facility (COTRALF) during forex crises, and the US$2bn deal for 400 million COVID-19 vaccine doses in partnership with the African Union.
While praising the Bank’s leadership under Prof. Benedict Oramah, Cardoso shifted focus to policy needs. He urged deeper regional integration and closer ties with Africa’s diaspora, which he described as “a vital extension of Africa’s economic and cultural identity.”
The CBN governor also shared reforms targeted at diaspora Nigerians, including the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account, aimed at boosting remittances and foreign investments.
Reflecting on lessons from recent economic shocks, Cardoso emphasised the need for governments to rebuild trust and credibility through “clarity, consistency, and confidence-building measures.”
The event also featured the launch of Afreximbank’s flagship reports – 2025 African Trade Report and African Trade and Economic Outlook Report – meant to inform future policymaking on trade and development across the continent.