Cardoso calls for African unity as Afreximbank assets top $40b
The Governor of the Central Bank of Nigeria, Yemi Cardoso, has called for enhanced strategic coordination among African nations as the African Export-Import Bank increases its capital assets to over $40 billion by 2024.He expressed this sentiment on Wednesday during his speech at the Afreximbank 2025 Annual Meetings, which were held under the theme “Building the Future on Decades of Resilience.”
He pointed out that the bank’s capital assets reaching $40 billion in 2024 illustrates its effective financial management and strategic vision.
“Starting from an initial capital base of $750 million—which is quite modest compared to global standards—the bank has grown its capital assets to more than $40 billion by the end of last year.
“This impressive trajectory is indicative of both sound financial governance and the increasing confidence the continent has in its potential.
“It also reflects the expanding coalition of stakeholders, encompassing 51 African nations along with a diverse group of public and private investors who have chosen to support Afreximbank,” he stated.
He emphasized that while the achievements of the bank are being recognized, it is crucial to tackle the ongoing and emerging challenges facing Africa, such as rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics.
According to him, these challenges represent considerable threats to the development of the continent and jeopardize the stability of the global system—making Afreximbank’s role in addressing them more critical than ever.
Cardoso urged stakeholders to make intentional decisions, reinforce foundational structures, and adopt an outlook centered on long-term impact and sustainability.
“Firstly, it necessitates strategic foresight—the capacity to see beyond the immediate distractions and invest in solutions for the coming decade, rather than just for the next quarter. Resilient institutions consistently look ahead. Secondly, it demands preparedness for crises,” he noted.
He highlighted that genuine resilience relies on sound decision-making, dependable data, strong infrastructure, and a pledge to continuous learning and advancement.
“To realize the future envisioned for both Afreximbank and the continent, Cardoso emphasized that stakeholders “must promote enhanced strategic unity among African member states.”
The ongoing meeting has drawn a diverse array of participants, including heads of state, government ministers, leaders from trade organizations, policymakers, private sector representatives, and other significant stakeholders.
Nigeria is one of the primary shareholders in Afreximbank and remains one of its largest recipients, accounting for approximately 60% of the Bank’s US$30 billion funding dedicated to Africa’s energy sector as of 2024.
The Bank has been instrumental in the transformation of Nigeria’s energy and industrial sectors, with considerable investments in major initiatives such as the Dangote Refinery and the Port Harcourt Refinery.
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