BY COBHAM NSA – Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has advocated strong and lasting institutions as the vital foundation Africa needs to deepen integration going forward.
He said institutional resilience and credibility remain the anchor of effective monetary and financial policy, even as the CBN focuses efforts on restoring clarity, reinforcing consistency, and deepening confidence in the financial sector.
Addressing the opening session of the 2025 Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Wednesday, Cardoso said the resilience must be deliberately coordinated through strategic foresight, crisis preparedness, sound governance, and stakeholder trust.
The CBN Governor, who queried “What Makes an Institution Resilient?”, stated thus; “As we reflect on today’s sub-theme: 32 Years of Resilient Growth and Transformation we must also ask a forward-looking question: What does it take to build an African institution that stands the test of time?”
According to him; “Resilience is not accidental. It is engineered, through deliberate choices, strong foundations, and a mindset oriented toward the long term”.
In a presentation on the Session’s sub-theme, “Thirty-Two Years of Resilient Growth and Transformation,” Cardoso maintained that the discussion was timely, especially with Africa currently facing a multitude of overlapping challenges, including geopolitical fragmentation, trade protectionism, technological disruptions, and climate shocks.
However, he said the numerous obstacles notwithstanding, the continent has continued to demonstrate remarkable resilience, having weathered multiple financial crises, and commodity price volatility, as well as the COVID-19 pandemic.
On Afreximbank’s unique role in the resilience journey, the CBN Governor praised the institution for evolving beyond the remit of a traditional financial institution into a trusted pan-African partner, strategic convener, and catalyst for change, even as he reminded the meeting’s participants that the Bank was established in Abuja in 1993 to provide much-needed trade finance at a time when global financial institutions were retreating from Africa.
He noted that Afreximbank has evolved from humble beginnings into a formidable continental force, backed by 51 African nations and a diverse coalition of public and private sector partners.
While describing the gathering as a momentous occasion to celebrate Afreximbank’s 32nd anniversary and reflect on its transformative journey over the past three decades, Cardoso also lauded the AfreximBank President, Prof Benedict Oramah, the Board of Directors, and the entire team for their unwavering commitment to reshaping Africa’s economic trajectory
He noted that the awesome work being done at the financial institution continues to inspire hope, confidence, and collective action across the continent.
Furthermore, the apex Bank Governor said Afreximbank has made deliberate interventions to significantly impact Africa’s economic landscape and listed one of such as launching the Counter-Cyclical Trade Liquidity Facility (COTRALF) in 2015, which disbursed over US$10 billion to stabilise African economies during widespread foreign exchange shortages.
Others include the Bank’s contribution to Africa’s public health efforts, particularly its US$2 billion financing arrangement for 400 million doses of COVID-19 vaccines in partnership with the African Union in 2021.
Applauding the interventions for emphasizing the Bank’s critical role as a dependable counter-cyclical actor and demonstrate the power of African-led solutions to African challenges, Cardoso also noted Nigeria’s robust partnership with Afreximbank, describing the country as both a founding member and the Bank’s largest single beneficiary.
With Nigeria receiving approximately US$52 billion in trade and project financing, he said this clearly reflects the depth of its engagement with the institution.
Cardoso said with Africa consciously navigating complex global economic dynamics, the need for stronger strategic alignment among African countries cannot be overemphasized.
This is as he canvased support for accelerated implementation of the African Continental Free Trade Area (AfCFTA), deeper regional integration, and closer engagement with the African diaspora as a critical extension of Africa’s economic and cultural identity.
