THE Africa Finance Corporation (AFC) has appointed Central Bank of Nigeria (CBN), Governor Olayemi Cardoso, as chairman of its board of directors, succeeding Ireti Samuel-Ogbu, who will remain on the board.

The corporation announced the appointment on Wednesday, October 14, 2026, citing Cardoso’s experience in banking, investment management, economic policy and public sector leadership.

Cardoso, who became CBN governor in September 2023, has overseen monetary and financial sector reforms aimed at stabilising Nigeria’s economy, improving policy credibility and restoring investor confidence.

During his tenure, the central bank has introduced changes to the foreign exchange (FX) market, addressed outstanding foreign exchange obligations and taken steps to improve monetary policy transmission and institutional transparency.

The CBN has also completed a banking sector recapitalisation programme designed to strengthen lenders’ financial capacity and improve their ability to support 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, where he was involved in fiscal management and economic planning.

He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School. He also served on the Harvard institution’s Alumni Board.

ALSO READ: Cardoso: Nigeria’s net foreign reserves hit record $46bn

AFC expands infrastructure investments

AFC said Cardoso’s experience in financial sector reform, governance and capital markets would contribute to its strategy of financing infrastructure and industrial projects across Africa.

The corporation is working to address the continent’s infrastructure deficit, support industrialisation and improve economic integration by mobilising investment for strategic projects.

AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s appointment would strengthen the corporation’s efforts to expand Africa’s productive capacity.

He said the corporation’s long-term strategy, The Africa We Build 2050, focuses on mobilising African capital to develop infrastructure and industries that generate employment and economic opportunities.

Zubairu also thanked Samuel-Ogbu for her contribution during her tenure as board chair.

Cardoso said Africa’s economic stability depended on increasing its productive capacity and expanding the industries that support growth and job creation.

He said he looked forward to working with AFC’s board, management and member states to advance its long-term development agenda.

ALSO READ: Cardoso: Twenty banks meet threshold, 13 in final stretch

Railway, fertiliser and digital projects

AFC highlighted several investments as examples of its efforts to develop infrastructure and strengthen industrial value chains across the continent.

The corporation recently achieved financial close on a $753 million railway project along Angola’s 1,300-kilometre Lobito Corridor. The project involves rehabilitating, upgrading and operating the existing rail route.

It has also supported a $600 million financing facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, which is expected to increase production capacity.

In the digital infrastructure sector, AFC committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to support the expansion of digital infrastructure across Africa.

The corporation said the projects were part of its broader strategy to improve connectivity between markets, strengthen industrial supply chains and attract more capital into critical sectors.

Established in 2007, AFC provides financial and technical advisory services, project development, financing and risk capital for infrastructure and industrial investments.

The corporation said it has 49 member countries and has invested more than $20 billion across 36 African countries since its establishment. Its investment focus includes power, natural resources, heavy industry, transport and telecommunications.

Share The Story