By Charles Ebi
Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has disclosed that Nigeria has received over $52bn in trade and project financing from the African Export-Import Bank ,Afreximbank, making it the bank’s single largest beneficiary since inception.
Cardoso disclosed this on Wednesday while addressing delegates at the 32nd Annual General Meeting of Afreximbank, currently taking place in Abuja, Nigeria’s capital.
Speaking under the theme, “Building the Future on Decades of Resilience”, Cardoso hailed the bank’s transformation from a modest institution to a major force in Africa’s development finance landscape.
He noted that Afreximbank’s capital base had grown from $750m at inception in 1993 to over $40bn by the end of 2023.
The CBN governor called on African leaders, financial institutions, and the diaspora to pursue a development model that is “African-led and African-owned”, especially in the face of rising global uncertainties.
“Resilience is not accidental. It is engineered”, Cardoso said, urging the continent to invest in strong institutions, robust systems, and long-term thinking.
Cardoso also used the platform to outline recent efforts by Nigeria to stabilize its financial system and currency. He pointed to new diaspora-friendly policies such as the Non-Resident Nigerian Ordinary Account ,NRNOA, and the Non-Resident Nigerian Investment Account ,NRNIA, as ways to harness the economic power of Nigerians abroad.
“These initiatives aim to boost remittances and attract investments into critical sectors of the economy”, he explained.
Cardoso hailed Afreximbank for redefining the role of the African diaspora to include Afro-descendants in the Caribbean and the Americas, describing the bank’s approach as both inclusive and visionary.
He stressed the importance of coordinated engagement between African governments and diaspora communities to accelerate growth and investment across the continent.
Amid global economic fragmentation, Cardoso warned that Africa must reduce dependence on external actors and instead deepen intra-African trade, regional integration, and homegrown innovation.
“Rising trade protectionism and shifting geopolitical dynamics are undermining Africa’s development prospects”, he warned.
He also commended the outgoing Afreximbank President Prof. Benedict Oramah for his leadership, citing landmark achievements such as the Africa Medical Centre of Excellence in Abuja, developed in partnership with King’s College London.
“It is not many that have the fortune of making big dreams come true… Professor Oramah, I salute you”, Cardoso added.
In closing, the CBN governor called on African leaders to combine vision with execution, noting that only a few manage to do both effectively.
“Many times, leaders have one but not the other. In some environments, they have neither. That’s a huge challenge”, he said.
