Institutional Resilience Key to Africa’s Future – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has underscored the importance of institutional resilience as a vital foundation for building strong and lasting African institutions.
Speaking at the opening of the 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) on Wednesday, June 25, 2025, in Abuja, he emphasised that resilience must be deliberately engineered through strategic foresight, crisis preparedness, sound governance, and stakeholder trust.
Mr. Cardoso described the gathering as a momentous occasion to celebrate Afreximbank’s 32nd anniversary and reflect on the Bank’s transformative journey over the past three decades. He commended the President of Afreximbank, Prof Benedict Oramah, the Board of Directors, and the entire team for their unwavering commitment to reshaping Africa’s economic trajectory, noting that their work continues to inspire hope, confidence, and collective action across the continent.
Speaking on the session’s sub-theme, “Thirty-Two Years of Resilient Growth and Transformation,” he stated that the discussion was timely, as Africa currently faced a multitude of overlapping challenges, including geopolitical fragmentation, trade protectionism, technological disruptions, and climate shocks. Despite these hurdles, he emphasised that the continent has demonstrated remarkable resilience, having weathered multiple financial crises, commodity price volatility, and the COVID-19 pandemic.
Mr. Cardoso further highlighted Afreximbank’s unique role in this resilience journey, praising the institution for evolving beyond the remit of a traditional financial institution into a trusted pan-African partner, strategic convener, and catalyst for change. He reminded attendees that the Bank was established in Abuja in 1993 to provide much-needed trade finance at a time when global financial institutions were retreating from Africa. Since then, he observed, Afreximbank had evolved from humble beginnings into a formidable continental force, backed by 51 African nations and a diverse coalition of public and private sector partners.
The Governor cited several strategic interventions by Afreximbank that had significantly impacted Africa’s economic landscape. These include the launch of the Counter-Cyclical Trade Liquidity Facility (COTRALF) in 2015, which disbursed over US$10 billion to stabilise African economies during widespread foreign exchange shortages.
He further lauded the Bank’s contribution to Africa’s public health efforts, particularly its US$2 billion financing arrangement for 400 million doses of COVID-19 vaccines in partnership with the African Union in 2021. These interventions, according to him, underscore the Bank’s critical role as a dependable countercyclical actor and demonstrate the power of African-led solutions to African challenges.
Highlighting Nigeria’s partnership with Afreximbank, Cardoso described the country as both a founding member and the Bank’s largest single beneficiary. He noted that Nigeria had received approximately US$52 billion in trade and project financing, reflecting the depth of its engagement with the institution.
As the continent continues to navigate complex global economic dynamics, Mr. Cardoso called for even stronger strategic alignment among African countries. He urged accelerated implementation of the African Continental Free Trade Area (AfCFTA), deeper regional integration, and closer engagement with the African diaspora, which he described as a vital extension of Africa’s economic and cultural identity.
He also outlined recent reforms by the Central Bank of Nigeria aimed at enhancing diaspora participation in the local economy. These include the introduction of two tailored financial products—the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account—designed to increase remittances and investments from Nigerians abroad.
Reflecting on the qualities that underpin institutional resilience, the Governor stressed the importance of strategic foresight, crisis preparedness, transparent communication, and sound governance. Over the past year, he shared that the CBN had prioritised rebuilding trust and credibility with citizens, markets, and partners through clarity, consistency, and confidence-building measures.
Mr. Cardoso called on African leaders and institutions to embrace greater ambition and purpose, urging them to commit to building resilient, future-ready systems. “Afreximbank has helped us dream big. Now, it is time to deliver big,” he said.
The highlight of the opening event was the formal launch of Afreximbank’s flagship publications: the 2025 African Trade Report and the 2025 African Trade and Economic Outlook Report. The reports are expected to guide policymakers and stakeholders on Africa’s trade performance, prospects, and economic direction.
The high-level event, scheduled to run from June 25 to 27, at the Transcorp Hilton, Abuja, convened leaders and stakeholders from across the continent and beyond to discuss the theme, “Building the Future on Decades of Resilience,” with a packed agenda of panel discussions, high-level dialogues, and presentations focused on African trade, development finance, industrialization, and regional integration.
