Cardoso calls for African-led development as Afreximbank Annual Meeting opens in Abuja
By Matthew Denis
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has called on African leaders, financial institutions, and the diaspora to unite behind a development agenda that is “African-led and African-owned,” as the continent seeks to build on its history of economic resilience and reduce reliance on external influences.
Cardoso made the remarks at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank), which commenced on Wednesday in Abuja. Reflecting on the institution’s evolution since its inception in Nigeria’s capital in 1993, he praised its transformation from modest origins to becoming a major force in African finance.
The conference, themed “Building the Future on Decades of Resilience,” is taking place in Abuja, attracting over 6,000 delegates from across Africa and around the world.
“From an initial capital base of $750 million, a relatively small amount by global standards, the bank has grown its capital assets to over $40 billion by the end of last year,” Cardoso stated.
In his address, Cardoso underscored the critical role of African institutions in driving intra-African trade, providing countercyclical finance, and fostering regional economic integration.
He described Afreximbank as “a convener of ambition and a catalyst for change,” adding that its growth is evidence of the continent’s increasing confidence in its own capacity.
Speaking against the backdrop of rising geopolitical tensions and economic divisions worldwide, the CBN Governor cautioned that Africa must take proactive steps to shield itself from external vulnerabilities.
“Rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics are not only diminishing Africa’s developmental prospects, they are also threatening the coherence of the global economic order,” he said.
As a countermeasure, Cardoso proposed the development of institutions rooted in African contexts, backed by solid data, robust governance, and a mindset geared towards long-term goals.
“Resilience is not accidental. It is engineered,” he stated, advocating for strategic foresight, preparedness for future crises, and systems capable of withstanding shocks.
He warned that “great ideas cannot succeed on weak foundations,” underlining the importance of transparency and stakeholder trust, particularly in periods of uncertainty.
Cardoso also acknowledged Nigeria’s deep involvement with Afreximbank, noting that as a founding member and its largest single beneficiary, Nigeria has received roughly $52 billion in trade and project financing, reflecting both the scale of its economy and the strength of its partnership with the bank.
He further pointed to ongoing reforms in Nigeria aimed at reinforcing the stability of its financial system and currency.
“At the Central Bank of Nigeria, we have focused on rebuilding trust with markets, with citizens, and with partners,” he said. “We recognise that institutional credibility is the foundation of effective monetary and financial policy.”