Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has been appointed as the new Chairman of the Africa Finance Corporation (AFC). The significant appointment places a prominent Nigerian economic figure at the helm of the leading multilateral development finance institution dedicated to bridging Africa’s infrastructure gap.
The announcement was made by Samaila Zubairu, President and Chief Executive Officer of the AFC, on Wednesday, during discussions held on the sidelines of the International Monetary Fund (IMF) meetings in Bangkok, Thailand. Mr. Cardoso takes over from Mrs. Ireti Samuel-Ogbu, who has completed her tenure as the AFC Board Chair.
This leadership change at the AFC is expected to bring a renewed focus on strategic investment priorities across the continent, particularly in light of current global economic challenges and the increasing need for resilient infrastructure. As CBN Governor, Mr. Cardoso brings extensive experience in finance, economic policy, and corporate governance, which will be critical in guiding the AFC’s strategic direction and enhancing its impact.
The Africa Finance Corporation, established in 2007, is a pan-African multilateral development financial institution created by sovereign African states to provide pragmatic business-led solutions to Africa’s infrastructure deficit. With 40 member countries, the AFC mobilises capital and provides project development, financial advisory services, and debt and equity financing for critical infrastructure projects across various sectors including power, transport, heavy industry, natural resources, and telecommunications.
AFC’s Mandate and Strategic Impact Across Africa
The AFC has consistently championed investments designed to catalyse economic growth and regional integration. Its portfolio includes transformative projects such as the Henri Konan Bédié Bridge in Côte d’Ivoire, significant power generation facilities across various nations, and crucial logistics infrastructure supporting trade. The Corporation’s approach focuses on developing bankable projects and attracting both private and public sector investment to address Africa’s estimated annual infrastructure funding gap, which runs into billions of dollars.
Mr. Cardoso’s appointment signals potentially enhanced collaboration between a key national financial regulator and a leading continental development financier. His tenure as CBN Governor began in September 2023, where he has been tasked with implementing monetary policies aimed at stabilising Nigeria’s economy, managing inflation, and fostering sustainable growth. His leadership at the AFC will likely see a push for projects that align with national and regional economic development strategies, leveraging his deep understanding of financial markets and development imperatives.
Mrs. Ireti Samuel-Ogbu, the outgoing Chair, served with distinction, contributing to the AFC’s continued growth and expanding its reach during her time. Her leadership helped solidify the corporation’s position as a crucial player in African infrastructure finance. The transition comes at a time when African nations are intensifying efforts to attract foreign direct investment and develop robust internal capital markets to fund their ambitious development agendas.
Mr. Cardoso’s new role at the AFC is anticipated to reinforce Nigeria’s influence within the institution and strengthen its capacity to drive continent-wide infrastructure initiatives. This move could also facilitate greater synergy between the AFC’s investment objectives and Nigeria’s own infrastructure and industrialisation programmes, thereby contributing to broader economic resilience and job creation across Africa.
Explore more Appointments stories and analysis from Business Elites Africa.
