Africa Finance Corporation (AFC), the continent’s main multilateral monetary establishment, has appointed Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), as the chairman of its board of administrators.
Mr Cardoso will succeed Ireti Samuel-Ogbu, who will stay a board member, in response to an announcement from the company on Wednesday.
Mr Cardoso’s appointment comes as the AFC continues to develop its position in financing and creating strategic infrastructure belongings that handle Africa’s infrastructure hole, speed up industrialisation and strengthen regional integration.
“Mr Cardoso shares our conviction that Africa’s lasting stability depends on its productive capacity. His leadership will strengthen the AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people,” Samaila Zubairu, president and CEO of the AFC, mentioned.
Speaking on his appointment, Mr Cardoso expressed optimism about working with AFC, noting that the company’s measure of success have to be the productive capability it creates, the industries it allows and the roles it helps.
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation,” Mr Cardoso mentioned.
“I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” he added.
Profile
Mr Cardoso brings in depth expertise spanning worldwide banking, funding administration, financial coverage and public sector management.
Since assuming workplace as CBN governor in September 2023, he has led far-reaching financial, financial-sector, and institutional reforms to revive macroeconomic stability, strengthen coverage credibility, and rebuild investor confidence in Nigeria’s economic system.
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Under his management, the CBN has carried out important international change market reforms, addressed longstanding FX obligations, strengthened financial coverage transmission, and enhanced institutional governance and transparency.
CBN has additionally concluded a recapitalisation programme for the banking sector, aimed toward strengthening the resilience and capability of Nigeria’s monetary system to help sustainable financial progress.
Before he was appointed CBN Governor, Mr Cardoso constructed a distinguished profession in worldwide banking and public service, together with a 12-year tenure as the chairman of Citibank Nigeria and repair as the commissioner for financial planning and funds in Lagos State.
He holds a Bachelor of Science diploma in Managerial and Administrative Studies from Aston University within the UK and a Master’s in Public Administration from Harvard Kennedy School, the place he additionally served on the Alumni Board.
According to the AFC, Mr Cardoso’s expertise in financial-sector reform, institutional governance and capital markets will present priceless perspective on the company’s strategic path as it mobilises funding to unlock Africa’s financial potential.
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