Nigeria has accessed approximately $52 billion in trade and project financing from the African Export-Import Bank (Afreximbank) since the bank’s establishment 32 years ago. This was disclosed by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during the Afreximbank Annual Meetings held in Abuja on Tuesday.
Cardoso described the sum as a reflection of Nigeria’s deep and sustained engagement with the institution.
He used the occasion to call on African nations to build economic resilience through strong institutions, robust data systems, sound decision-making processes, and functional infrastructure.
“Great ideas cannot succeed on weak foundations. Resilience demands sound decision-making processes, strong data, functional infrastructure, and the humility to learn and course-correct along the way,” Cardoso said.
Highlighting the CBN’s current priorities, Cardoso noted that the apex bank is focused on rebuilding trust among stakeholders, including markets, citizens, and international partners.
He emphasized that institutional credibility is the cornerstone of effective monetary and financial policy.
“Our efforts are focused on restoring clarity, reinforcing consistency, and deepening confidence — not as an end in itself, but as a foundation for a resilient future. This is the essence of institution-building,” he added.
The CBN governor further stated that as global systems evolve, Africa must respond not with fear but with confidence.
He praised Afreximbank for demonstrating that with clarity of purpose and bold execution, African institutions can not only withstand external shocks but lead global progress.
He called on African countries to shift from reactionary postures to proactive development models that prioritize green growth, digital transformation, food and energy sovereignty, and private-sector-driven prosperity.
“Africa must turn its eyes to a future defined by green growth that is African-led and African-owned, digital transformation that connects our people and markets, food and energy sovereignty that shields us from external shocks, and a dynamic private sector that drives innovation and inclusive prosperity at scale,” Cardoso said.
He described the annual meeting as a momentous opportunity to celebrate Afreximbank’s 32 years of impact, commending the bank’s president, Prof. Benedict Oramah, its Board of Directors, and the entire team for their commitment to reshaping Africa’s economic narrative.
Cardoso noted that Afreximbank has evolved from a conventional financial institution into a trusted pan-African partner and catalyst for change. He highlighted the launch of the Counter-Cyclical Trade Liquidity Facility (COTRALF) in 2015, which provided over $10 billion in support to African economies grappling with foreign exchange shortages.
The CBN governor also referenced the bank’s pivotal role during the COVID-19 pandemic, particularly its $2 billion financing facility for the procurement of 400 million vaccine doses in partnership with the African Union in 2021. These interventions, he said, affirm the bank’s role as a reliable countercyclical actor committed to African-led solutions.
Nigeria, Cardoso emphasised, is both a founding member and the largest single beneficiary of Afreximbank’s initiatives. As Africa navigates an increasingly complex global economic landscape, he urged greater strategic alignment across the continent, stressing the need for faster implementation of the African Continental Free Trade Area (AfCFTA), deeper regional integration, and stronger engagement with the African diaspora.
He described the diaspora as a vital extension of Africa’s economic and cultural identity, capable of playing a transformative role in the continent’s development.
