The Governor of the Central Bank of Nigeria, Yemi Cardoso, has called for strategic cohesion among African states amid the African Export-Import Bank’s (Afreximbank) over $40 billion capital asset expansion as of 2024.
Cardoso made the call on Wednesday while delivering his remarks at the Afreximbank 2025 Annual Meetings, themed “BUILDING THE FUTURE ON DECADES OF RESILIENCE.”
The ongoing meeting attracted representatives, including heads of state, ministers, leaders of trade institutions, policymakers, private sector representatives, and stakeholders.
Cardoso congratulated the Bank on its 32nd anniversary and commended Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, along with the entire team, for their unwavering commitment to transforming the continent’s economic landscape.
“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.
“This remarkable trajectory reflects both prudent financial stewardship and the continent’s growing confidence in its capabilities.
“It is also a testament to the expanding coalition of stakeholders, spanning 51 African countries and a mix of public and private investors who have placed their trust in Afreximbank,” he said.
“First, it takes strategic foresight—the ability to look beyond the noise of the present and invest in solutions for the next decade, not just the next quarter. Resilient institutions are always thinking ahead. Second, it requires crisis preparedness,” he added.
Nigeria is one of Afreximbank’s major shareholders.
The bank also supports the establishment of an Africa Energy Bank in Abuja to strengthen the continent’s energy security.
Furthermore, Afreximbank has supported Nigeria’s fertilizer production, enabling the country to become the continent’s leading producer with an annual output of 7.5 million metric tonnes.
The bank is also involved in supporting Nigeria’s creative industry through credit facilities, capacity building, and market access initiatives aimed at expanding the country’s cultural exports.