The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, as Chairman of its Board of Directors.

Cardoso succeeds Mrs Ireti Samuel-Ogbu, who will continue to serve as a member of the board following the end of her tenure as chairperson.

The corporation said Cardoso’s experience in international banking, investment management, economic policy and public-sector leadership would support its strategic direction as it expands infrastructure financing and industrial development across Africa.

Since assuming office as CBN governor in September 2023, Cardoso has overseen monetary and financial-sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence.

Under his leadership, the apex bank has implemented changes to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency.

The CBN has also completed a banking-sector recapitalisation programme intended to strengthen the resilience and capacity of financial institutions to support sustainable economic growth.

Before becoming governor, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget.

AFC President and Chief Executive Officer, Mr Samaila Zubairu, welcomed the appointment, saying Cardoso’s leadership would support the corporation’s efforts to mobilise African capital for infrastructure and industries that create jobs and drive economic growth.

Zubairu also commended Samuel-Ogbu for her contributions to the board during her tenure.

In his response, Cardoso said productive capacity was essential to Africa’s long-term stability and development, adding that he looked forward to working with the board, management and member states to advance the corporation’s Africa We Build 2050 agenda.

The appointment comes as AFC continues to finance and develop strategic infrastructure projects aimed at addressing Africa’s infrastructure deficit, accelerating industrialisation and strengthening regional integration.