CBN Governor Cardoso Appointed Chairman Of Africa Finance Corporation Board

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

Cardoso succeeds Ireti Samuel-Ogbu, who will continue to serve as a member of the board.

The appointment places the CBN governor at the head of the board of the pan-African multilateral development finance institution, which focuses on financing infrastructure and industrial development across the continent.

AFC President and Chief Executive Officer Samaila Zubairu said Cardoso’s leadership would strengthen the corporation’s drive to mobilise African capital for infrastructure and industrial development.

“We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.

In his remarks, Cardoso said a more productive Africa would be a more stable continent, adding that he looked forward to working with the board, management and member states to advance the corporation’s development agenda.

“Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” he said.

Established in 2007, the AFC finances and develops infrastructure and industrial projects across Africa. It says it has invested more than $20 billion in 36 African countries since its establishment.