Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has called for deeper strategic unity among African nations, as the African Export-Import Bank (Afreximbank) grows its capital assets to over $40 billion in 2024. Cardoso made the call on Wednesday while addressing participants at the Afreximbank 2025 Annual Meetings in Nassau, The Bahamas, themed …
Cardoso Hails Afreximbank $40bn Feat, Urges African Unity
Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has called for deeper strategic unity among African nations, as the African Export-Import Bank (Afreximbank) grows its capital assets to over $40 billion in 2024.
Cardoso made the call on Wednesday while addressing participants at the Afreximbank 2025 Annual Meetings in Nassau, The Bahamas, themed “Building the Future on Decades of Resilience.” The gathering attracted African heads of state, ministers, trade and finance leaders, private sector stakeholders, and development partners.
Congratulating Afreximbank on its 32nd anniversary, Cardoso praised its transformation from a modest institution with an initial $750 million capital base into a continental powerhouse with over $40 billion in assets. He described the bank as more than a financier, calling it “a trusted partner, a convener of ambition, and a catalyst for change.” Cardoso attributed the bank’s success to sound financial management and growing investor confidence, with support from 51 African countries and a blend of public-private stakeholders.
He, however, warned that Africa must remain vigilant in the face of rising global trade protectionism, economic fragmentation, and shifting geopolitical tensions. “These challenges threaten not only Africa’s development prospects but also global economic coherence,” he noted.
Cardoso urged African leaders to accelerate implementation of the African Continental Free Trade Area (AfCFTA), deepen regional integration, and strengthen ties with the African diaspora. He emphasized that “strategic foresight, institutional resilience, and crisis preparedness” would be crucial to secure the continent’s economic future.
Highlighting Nigeria’s significant partnership with Afreximbank, Cardoso noted that the country remains one of its top shareholders and beneficiaries. As of 2024, Nigeria accounted for 60% of the bank’s $30 billion financing for Africa’s energy sector. The bank has played a key role in funding projects such as the Dangote and Port Harcourt refineries and is supporting the establishment of the Africa Energy Bank in Abuja.
Beyond energy, Afreximbank has also helped position Nigeria as the continent’s leading fertilizer producer, with 7.5 million metric tonnes in annual output. The bank continues to support Nigeria’s creative economy through credit lines, training, and market access initiatives aimed at expanding cultural exports.
Sunday Michael Ogwu is a Nigerian journalist and editor of Pinnacle Daily. He is known for his work in business and economic reporting. He has held editorial roles in prominent Nigerian media outlets, where he has focused on economic policy, financial markets, and developmental issues affecting Nigeria and Africa more broadly.
