Nigeria Central Bank Governor Named Chairman of Africa Finance Corporation

Olayemi Cardoso, governor of the Central Bank of Nigeria, has been appointed chairman of the board of the Africa Finance Corporation (AFC), taking over from Ireti Samuel-Ogbu, who remains a board member.

Cardoso’s appointment comes as the infrastructure financier expands investments in transport, industrial production and digital infrastructure across Africa, including a $753 million railway project in Angola and financing for a fertiliser expansion in Nigeria.

He has led monetary and financial-sector reforms in Nigeria since becoming central bank governor in September 2023, including changes to the foreign exchange market, efforts to settle outstanding foreign exchange obligations and a banking-sector recapitalisation programme.

Before taking the central bank post, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State commissioner for economic planning and budget. He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School.

Samaila Zubairu, AFC’s president and chief executive, said Cardoso’s experience would support the corporation’s efforts to mobilise African capital for infrastructure and industrial development under its Africa We Build 2050 agenda.

Cardoso said his priorities would include working with the board, management and member states to finance infrastructure and industries that expand productive capacity and create jobs.

AFC, which finances and develops infrastructure projects across the continent, recently achieved financial close on a US$753 million railway project along Angola’s 1,300-kilometre Lobito Corridor. It has also supported a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme in Nigeria and committed to a combined US$300 million investment with Vision Invest in digital infrastructure group WIOCC.

Samuel-Ogbu, the outgoing chair, will continue serving on the board, according to AFC.

Source: FSX Business News