(NAN) Africa Finance Corporation (AFC), the continent’s main infrastructure options supplier, has introduced the appointment of Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as Chairman of its Board of Directors.
According to an announcement by Yewande Thorpe, from AFC’s Communications Department, Cardoso succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who will proceed to function a board member.
Thorpe mentioned that Cardoso would carry in depth expertise spanning worldwide banking, funding administration, financial coverage and public sector management.
“Since assuming office as governor of the CBN in 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms.
“The reforms were to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.
“Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency,” Thorpe mentioned.
She mentioned that the CBN had additionally concluded a recapitalisation programme for the banking sector, geared toward strengthening the resilience and capability of Nigeria’s monetary system to assist sustainable financial progress.
“Prior to his appointment as governor, Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria.
“He also served as Commissioner for Economic Planning and Budget in Lagos State.
“In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies,” she mentioned. .
She mentioned that Cardoso’s appointment got here as AFC continued to develop its position in financing and growing strategic infrastructure property that deal with Africa’s infrastructure hole, speed up industrialisation and strengthen regional integration.
She mentioned that his expertise in monetary sector reform, institutional governance and capital markets would supply helpful perspective on the Corporation’s strategic route because it mobilised funding to unlock Africa’s financial potential.
Meanwhile, Samaila Zubairu, President and CEO of AFC, expressed delight on the appointment and welcome Cardoso as board chairman.
“He shares our conviction that Africa’s lasting stability depends on its productive capacity.
“His leadership will strengthen AFC as we advance “The Africa We Build 2050”, mobilising African capital to construct the infrastructure and industries that create jobs, prosperity and dignity for our folks.
“We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure,” Zubairu mentioned.
Commenting on his appointment, Cardoso mentioned {that a} extra productive Africa was a extra steady Africa.
According to the CBN governor, AFC has the credibility and observe document to mobilise capital and construct the infrastructure and industries that drive transformation.
“I look forward to working with the board, management and member states to advance The Africa We Build 2050.
“Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support,” he mentioned.
The News Agency of Nigeria (NAN) studies that AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments throughout Africa.
Its method combines specialist business experience with a give attention to monetary and technical advisory, venture structuring, venture improvement, and danger capital to handle Africa’s infrastructure improvement wants and drive sustainable financial progress.
Overtime, the company has developed a observe document because the companion of alternative in Africa for investing and delivering on instrumental, high-quality infrastructure property.
It focuses on property that present important providers within the core infrastructure sectors of energy, pure sources, heavy business, transport, and telecommunications.
AFC has 49 member international locations and has invested over 20 billion {dollars} in 36 African international locations since its inception.(NAN)
Edited by Isaac Aregbesola
