Cardoso Stresses Institutional Resilience as Foundation for Africa’s Economic Growth
At the 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasized that institutional resilience is the cornerstone for sustainable economic growth in Africa. Delivering his keynote, Cardoso outlined how strategic foresight, crisis preparedness, and sound governance are essential for building durable African institutions capable of withstanding global disruptions. He praised Afreximbank for its transformative journey and ongoing contributions to reshaping Africa’s economic future.
Cardoso acknowledged the vast challenges Africa faces today—ranging from geopolitical instability and trade barriers to technological change and climate shocks—but noted that the continent has continually shown resilience. He highlighted Afreximbank’s evolving role from a traditional financier to a dynamic, pan-African partner and change-maker. Since its inception in Abuja in 1993, the Bank has played a critical role in supporting African economies when other global financial institutions retreated.
Several strategic initiatives by Afreximbank were applauded, including the launch of the Counter-Cyclical Trade Liquidity Facility (COTRALF) and a $2 billion vaccine financing deal in 2021. These efforts underscored the Bank’s function as a reliable countercyclical actor during times of crisis. Cardoso highlighted Nigeria’s close relationship with Afreximbank, noting that the country had received $52 billion in financing support, making it the institution’s largest single beneficiary.
He also called for greater collaboration among African nations, particularly through deeper implementation of the African Continental Free Trade Area (AfCFTA) and stronger engagement with the African diaspora. Cardoso introduced two new financial products by the CBN—the Non-Resident Nigerian Ordinary Account and Investment Account—designed to attract more remittances and investment from Nigerians abroad, further reinforcing Nigeria’s economic resilience.
In conclusion, Cardoso urged African leaders to commit to building robust institutions that are future-ready. He stressed the need for ambition, trust, and strategic execution, drawing inspiration from Afreximbank’s success story. The event also featured the unveiling of key publications—the 2025 African Trade Report and Economic Outlook—aimed at guiding stakeholders on the continent’s economic trajectory. The conference gathered high-level figures and policymakers to discuss Africa’s future under the theme: “Building the Future on Decades of Resilience.”