WorldStage Newsonline– The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has praised the Afreximbank as a transformative institution that has consistently supported the continent in times of need.
Speaking on Wednesday at the Afreximbank event with theme: ‘Building The Future in Decades of Resilience’, Cardoso highlighted the bank’s transformation from an ordinary financial institution into a strategic partner, catalyst for change, and a driver of Africa’s global positioning.
He described Afreximbank as a symbol of African financial resilience and ambition, calling it “a bold idea that has become a powerful force supporting Africa when others step back.
“From an initial capital base of $750 million—modest by international standards—the bank has expanded its capital assets to over $40 billion as of the end of last year.
“This remarkable growth reflects both prudent financial stewardship and the continent’s increasing confidence in its own capabilities.”
Cardoso emphasized the bank’s wide-reaching and strategic accomplishments, noting that beyond strong financial results, Afreximbank had proven itself a reliable, counter-cyclical actor and first responder in times of crisis.
He cited its role in providing trade liquidity during downturns and its major contributions to Africa’s public health response as examples of its impact.
“These interventions underscore a profound truth: Africa’s economic resilience depends on its capacity to offer homegrown solutions to its challenges,” he said.
He also commended the bank’s engagement with the African diaspora, particularly under the leadership of Professor Benedict Oramah, for redefining the diaspora’s role in Africa’s development.
“The African diaspora includes not only those on the continent but also those in the Caribbean and beyond. Afreximbank’s outreach and partnerships with these communities are meaningful and impactful,” Cardoso added.
Cardoso further reaffirmed the Central Bank of Nigeria’s commitment to harnessing diaspora contributions, highlighting two newly introduced financial products: the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account. These initiatives aim to provide secure platforms for managing funds and investments, enhancing remittance flows and promoting growth in key sectors of the Nigerian economy.
“It is essential that initiatives like this are embraced so that Africa and its diaspora continue to act in unison toward a common economic goal,” he said.
In his remarks, Mr. Denys Denya, Senior Executive Vice President of Afreximbank, stressed the importance of strengthening regional trade through the African Continental Free Trade Area (AfCFTA) and called for new trading partnerships and strategic alliances.
“In an environment where funding for African institutions is limited, our homegrown institutions must receive the support they need,” Denya said. “We must build strong, independent institutions, promote good governance, and foster regional cooperation. Political support is vital to ensure these institutions are not undermined,” he said.
He further emphasized the need for deliberate industrialization to promote value addition to African exports and diversify both the export basket and destinations.
“Routine policy reforms, sound macroeconomic management, and investments in infrastructure and human capital are essential for sustainable development. It’s time to be intentional about Africa’s industrial future,” Denya concluded.
Africa’s journey toward economic independence and continental integration was in sharp focus at the 32nd Annual General Meeting (AGM) of Afreximbank holding in Nigeria.
