…Over $250bn mobilised into Africa in 32 years- Oramah
Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), has urged African leaders, financial institutions and the diaspora to embrace a development path that is ‘African-led and African-owned,’ as the continent looks to build on decades of economic resilience and deepen its independence from external shocks.
Speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) which began on Wednesday in Abuja, Cardoso commended the institution’s evolution since its founding in Abuja in 1993, highlighting its journey from modest beginnings to a continental financial powerhouse.
The meeting is holding in Abuja under the theme, ‘Building the Future on Decades of Resilience.’
“From an initial capital base of $750 million—a relatively small amount by international standards—the bank has expanded its capital assets to over $40 billion as of the end of last year,” Cardoso said.
Throughout his address, Cardoso emphasised the role of African institutions in fostering intra-continental trade, countercyclical finance, and regional economic integration.
He hailed Afreximbank as “a convener of ambition and a catalyst for change,” noting that its success reflects “the continent’s growing confidence in its capabilities.”
At a time of shifting geopolitical tensions and growing economic fragmentation, Cardoso warned that Africa must not remain vulnerable to external forces.
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“Rising trade protectionism, global economic fragmentation and shifting geopolitical dynamics are not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem,” he said.
In response, the CBN governor advocated building institutions grounded in local realities, with strong systems, data, governance, and a “mindset oriented towards the long term,” adding that “resilience is not accidental. It is engineered.”
Cardoso called for strategic foresight, crisis preparedness, and robust systems as keys to building lasting institutions.
According to him. “Great ideas cannot succeed on weak foundations,” he said, as he underscored the importance of transparency and stakeholder trust, especially in volatile times.
He also acknowledged that Nigeria, as a founding member and the largest single beneficiary of Afreximbank, has received approximately $52 billion in trade and project financing, reflecting the scale of its economy and depth of engagement.
He also highlighted series of reforms by the Africa’s most populous country to strengthen its own financial system and currency stability.
“At the Central Bank of Nigeria, we have focused on rebuilding trust with markets, with citizens and with partners,” he said.
“We recognise that institutional credibility is the anchor of effective monetary and financial policy.”
Similarly, Benedict Oramah, president and chairman of the board of directors, Afreximbank, underscored the significance of the occasion, pointing out that the bank, once regarded as an institution with an uncertain future, has grown into one of Africa’s most influential multilateral financial institutions.
“This year’s Annual Meetings are organised under the theme ‘Building the Future on Decades of Resilience’ in recognition of the remarkable journey of Afreximbank. From humble beginnings, we have defied doubt and built an institution that has empowered neglected industries, provided lifelines during crises from COVID-19 to commodity shocks and broken supply chains and channelled more than $250 billion into Africa’s development,” Oramah said.
“This marks a memorable homecoming,” he noted, adding that the city has played a significant role in the bank’s evolution and successes over the decades. “The unwavering support from the Federal Government of Nigeria, especially in responding to capital calls and removing regulatory bottlenecks, has enabled us to effectively operate in Nigeria and the wider West African region.”
Also, Yemi Kale, Afreximbank’s managing director and group chief economist, said Africa must urgently confront a $120 billion trade finance gap that continues to stifle its trade potential, as the continent positions to become a proactive force in shaping, not just responding to an increasingly fractured global financial system.
Speaking at the launch of Afreximbank’s two flagship reports – the African Trade and Economic Outlook for 2025 and the Africa Trade Report 2025 – Kale emphasised that the finance gap is not simply a consequence of demand exceeding supply. “It’s also likely driven by structural constraints like the Basel IV regulatory impact… and systemic rating biases that disproportionately affect African financial institutions.”
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