Cardoso takes AFC Board chair as Corporation deepens Africa infrastructure push

By Onu Okorie

Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has been appointed Chairman of the Board of Directors of Africa Finance Corporation (AFC), putting Nigeria’s apex bank chief at the helm of the pan-African institution as it intensifies efforts to mobilise capital for infrastructure and industrial development across the continent.
Cardoso succeeds Ireti Samuel-Ogbu, the immediate-past chair, who will remain on the AFC board after completing her tenure as chairman.
The appointment brings Cardoso’s experience in monetary policy, banking, investment management and economic governance to AFC at a time when the institution is scaling up financing for transport, energy, telecommunications and industrial projects designed to tackle Africa’s infrastructure deficit.
Since assuming office as CBN Governor in September 2023, Cardoso has overseen reforms covering monetary policy, the foreign exchange market, financial-sector regulation and institutional governance.
Under his leadership, the apex bank has moved to address outstanding foreign exchange obligations, reform the FX market, strengthen monetary policy transmission and improve governance and transparency.
The CBN has also concluded a banking-sector recapitalisation programme intended to strengthen the capacity and resilience of financial institutions to support economic growth.
AFC said Cardoso’s experience in financial-sector reform, institutional governance and capital markets would provide important perspectives as the Corporation seeks to mobilise more domestic and international capital for African infrastructure.
His appointment also comes as AFC pushes its long-term “The Africa We Build 2050” strategy, which places greater emphasis on increasing the continent’s productive capacity through infrastructure, industrialisation and regional economic integration.
President and Chief Executive Officer of AFC, Samaila Zubairu, said Cardoso’s leadership would strengthen the Corporation’s drive to channel African capital into productive investments.
“We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.
“His leadership will strengthen AFC as we advance The Africa We Build 2050, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people.”
Zubairu also commended Samuel-Ogbu for her service and contribution during her tenure as chair.
Cardoso, in his acceptance remarks, said Africa’s economic stability would increasingly depend on its ability to expand productive capacity and build industries capable of creating employment.
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation,” he said.
According to him, the success of the Corporation should ultimately be measured by “the productive capacity we create, the industries we enable and the jobs we support.”
Before his appointment as CBN Governor, Cardoso spent 12 years as Chairman of Citibank Nigeria and previously served as Lagos State Commissioner for Economic Planning and Budget.
He holds a degree from Aston University in the United Kingdom and a master’s degree in Public Administration from Harvard Kennedy School, where he also served on the Alumni Board.
The change in AFC’s board leadership comes amid a series of major infrastructure financing transactions by the Corporation.
Among them is the financial close of the $753 million Lobito Corridor Railway Project in Angola, involving the rehabilitation, upgrade and long-term operation of a 1,300-kilometre brownfield railway corridor.
AFC is also supporting a $600 million financing facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In the digital infrastructure sector, AFC and Vision Invest have committed a combined $300 million investment in WIOCC Group to accelerate the expansion of telecommunications and digital infrastructure across Africa.
The transactions underscore the scale of the financing challenge Cardoso will encounter as board chairman, particularly as African economies seek to attract private capital into infrastructure despite tight global financial conditions and high financing costs.
For Nigeria, the chairmanship could also reinforce the country’s influence within one of Africa’s major infrastructure financing institutions at a period when the government is seeking significant private and institutional capital for power, transport, digital infrastructure and industrial projects.
Established in 2007, AFC provides project development, financial and technical advisory, project structuring and risk capital for infrastructure and industrial investments.
The Corporation operates across sectors including power, natural resources, heavy industry, transport and telecommunications.
AFC currently has 49 member countries and says it has invested more than $20 billion across 36 African countries since its establishment.