AfCFTA: Cardoso calls for greater cohesion among African countries
By Okeoghene Akubuike
Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria(CBN), says fostering greater strategic cohesion among African countries will secure Africa’s future.
Cardoso said this at the African Export-Import Bank (Afreximbank) 32nd Annual Meetings(AAM2025) in Abuja on Wednesday.
He said this should be done by accelerating the implementation of the African Continental Free Trade Area (AfCFTA) treaty, deepening regional integration, and building robust engagement with the African diaspora.
“To secure the future that we envision, we must foster greater strategic cohesion among African member states, “he said.
Cardoso commended the African Executive Panel for their work in redefining the meaning of diaspora and forming partnerships with the African diaspora which include the Caribbean.
He emphasised the importance of Afreximbank in promoting African trade and economic development.
Cardoso noted that the bank had emerged as a trusted partner, a convener of ambition, and a catalyst for change, shaping strategy, enabling execution, and elevating African agencies across the globe.
He noted that Nigeria had received approximately 52 billion dollars in trade and project financing over the past decade, mirroring both the size of the Nigerian economy and the depth of engagement with Afreximbank.
The Governor highlighted the bank’s impressive financial results, including its expansion from an initial capital base of 750 million dollars to over 40 billion dollars as of 2024.
He also commended the bank’s crisis preparedness, strategic foresight, and clear communication, which have enabled it to navigate challenges and thrive in a rapidly changing global environment.
“The celebration of Afreximbank’s 32 years of resilient growth and transformation is a testament to its commitment to promoting African economic development and its potential to shape the continent’s future.”
Cardoso said it was important to recognise the challenges facing the continent which include rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics
“These. not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem.”
Looking to the future, the governor called for even greater ambition and clarity of purpose.
He emphasised the need for green growth, digital transformation, food and energy sovereignty, and a dynamic private sector that drives opportunity, innovation, and inclusive prosperity at scale.
“Afreximbank has helped us dream big. Now it is time to deliver big. Let us commit to building the resilient institutions our people need.
“Our economies will expire, and our continent will serve, let us live here today not only inspired by the past, but united in the work that lies ahead.”
Cardoso announced the introduction of two financial products, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to serve Nigerians living abroad.
He said they would also provide a secure and efficient platform for managing funds and investing in the Nigerian financial markets.
The News Agency of Nigeria (NAN) reports that the meetings, which has the theme “Building the Future on Decades of Resilience,” focus on accelerating trade opportunities, driving investment, and fostering innovation. (NAN)
Edited by Vivian Ihechu
