The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), succeeding Ireti Samuel-Ogbu, who remains a member of the board.

AFC announced the appointment in a statement yesterday. The corporation said Cardoso’s experience in financial sector reform, governance and capital markets would guide its strategy to mobilise investment for infrastructure development.

It cited monetary and institutional reforms at the CBN since his appointment in September 2023, including changes to the foreign exchange market and the completion of the banking sector recapitalisation programme.

Before becoming CBN governor, Cardoso spent 12 years as Chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget. He holds a degree from Aston University, United Kingdom, and a master’s in public administration from Harvard Kennedy School.

AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would strengthen the corporation’s efforts to deliver on its The Africa We Build 2050 agenda. He also thanked Samuel-Ogbu for her contributions to the board.

Cardoso said AFC had the credibility and track record to mobilise capital for infrastructure and industry.

He said the impact of investments should be measured by the productive capacity they create, the industries they support and the jobs they generate.

The corporation cited recent investments, including the financial close of the $753 million Lobito Corridor Railway Project in Angola and a $600 million facility for Dangote Group’s $7 billion fertiliser expansion in Nigeria.

It also listed a combined $300 million investment with Vision Invest in WIOCC Group to support digital infrastructure development.