Let us commit to building resilience Africa Needs –CBN Gov Cardoso

By: Goodluck E. Adubazi, Abuja.

The Governor of the Central Bank of Nigeria, Hon. Dr. Olayemi Cardoso, has called on African leaders and institutions to commit to building the resilience required to unlock the continent’s potential. He made this call during the opening remarks of the Afreximbank Annual Meetings (AAM 2025), themed: “Building the Future on Decades of Resilience.”

Dr. Cardoso congratulated the President of Afreximbank, Prof. Benedict Oramah, the Board of Directors, and the entire Afreximbank team for their unwavering commitment to transforming Africa’s economic landscape.

“Permit me to congratulate the Bank on its 32nd anniversary and to commend Prof. Oramah, the Board of Directors, and the entire Afreximbank team for their dedication,” Cardoso said.

The CBN Governor recalled that Afreximbank was established in Abuja in October 1993 with a transformative mandate—to finance, promote, and expand African trade at a time when global financial institutions were retreating from the continent.

He emphasized the significance of having dedicated institutions rooted in the continent and capable of addressing Africa’s intra-continental and global trade needs.

“In 32 years, Afreximbank has grown from a modest institution to a symbol of African financial fortitude. From an initial capital base of \$750 million—relatively small by international standards—the Bank’s capital assets have expanded to over \$40 billion as of the end of last year,” he noted.

Reflecting on the sub-theme, “32 Years of Resilient Growth and Transformation,” Cardoso said: “Resilience is not accidental; it is engineered through deliberate choices, strong foundations, and a long-term mindset.”

He added that resilient institutions exhibit strategic foresight, prepare for crises, build buffers, diversify risks, and maintain discipline—especially when others are distracted by short-term gains.

According to Standard Times Nigeria, Dr. Cardoso also urged African leaders to strengthen data systems, promote intra-regional trade, and fully implement the African Continental Free Trade Area (AfCFTA) policy to ensure a resilient future.

“To secure our envisioned future, we must foster greater strategic cohesion among African member states, deepen regional integration, and build robust engagement with the African diaspora,” he stated.

Afreximbank was established in 1993 to meet the continent’s rising trade and financial needs. Over the decades, it has become a symbol of African economic fortitude.

The 32nd Afreximbank Annual Meetings are being held from June 25 to 28, 2025, at Transcorp Hilton, Abuja, hosting thousands of delegates from across Africa and beyond. All sessions are conducted in English and French.

In his welcome address, Afreximbank Senior Vice President, Mr. Denys Denya, extended a warm welcome to all delegates and emphasized the strategic importance of the meetings.

“These meetings have become pivotal in generating ideas, shaping policy, and forming strategic partnerships for Africa’s development,” he said.

Mr. Denya highlighted that the theme of this year’s event was influenced by global economic uncertainty and increasing fragmentation, adding, “This is a clarion call to look inward and take charge of our destiny.”

He further emphasized the need to support homegrown institutions, improve regional trade through AfCFTA, and prioritize industrialization with a focus on value addition.

“Africa is at a crossroads. We must be intentional, resolute, and united in shaping our future. Afreximbank’s history gives us optimism that we can overcome today’s challenges,” he concluded.

Quoting Ghana’s first President, Mr. Denya said: “Those who judge us merely by the heights we have achieved must remember the depths from which we started.”

Day one of the four-day event featured remarks by Dr. Terrance Drew, Prime Minister of St. Kitts and Nevis; Nigeria’s Vice President, Senator Kashim Shettima (represented by Tope Fasua, Special Adviser to the President on Economic Matters); Dr. Yemi Kale, Group Chief Economist, Afreximbank; Mr. Wamkele Mene, Secretary General of AfCFTA; Hon. Cassiel Ato Forson, Ghana’s Minister of Finance, among others.

Discussions during the event revealed that Africa faces an annual trade finance gap of $100–$120 billion, which limits access to capital for production, supply chain integration, and cross-border trade. The African Trade and Economic Outlook (ATEO 2025) was also launched.