By Bakare Ogundele
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has called for stronger unity and collaboration among African nations to unlock the continent’s full trade potential, as the African Export-Import Bank (Afreximbank) announced that its total assets have surged to $40 billion.
Speaking during the 31st Annual General Meeting (AGM) of Afreximbank held in Cairo, Egypt, Cardoso praised the bank’s rising profile and impact on Africa’s development, particularly its role in promoting intra-African trade, supporting sovereign financing, and driving regional industrialisation.
“The success of Afreximbank is a strong testament to what African institutions can achieve when we come together with a common purpose,” Cardoso said. “As the bank’s assets cross the $40 billion mark, it is time for African leaders and financial institutions to deepen partnerships, harmonize trade policies, and invest in building a connected, resilient, and self-sustaining continent.”
Afreximbank’s performance, which includes robust growth in loan disbursements, trade financing, and support for infrastructure development, was a key highlight at the AGM. The bank also reiterated its commitment to implementing the African Continental Free Trade Area (AfCFTA), which aims to create a single market of over 1.4 billion people and a combined GDP of more than $3.4 trillion.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, noted that the institution had expanded its impact across the continent through initiatives such as the Pan-African Payment and Settlement System (PAPSS), the Fund for Export Development in Africa (FEDA), and the $1 billion Creative Africa Nexus (CANEX) programme aimed at empowering Africa’s creative economy.
“We are proud of how far we’ve come, but we are even more committed to what lies ahead,” Oramah said. “Our mission remains clear—to be a catalyst for Africa’s economic integration and transformation.”
Governor Cardoso commended Afreximbank’s support for Nigeria during critical economic periods, including the provision of funding for infrastructure, SMEs, and import-export businesses. He also urged African central banks and development institutions to align their monetary strategies with the broader goals of regional trade growth.
Delegates from over 50 countries, including heads of state, finance ministers, business leaders, and development partners, attended the conference, which featured discussions on global economic headwinds, financing for climate resilience, digital transformation, and youth entrepreneurship.
The CBN Governor concluded his remarks with a rallying call: “Africa must trade more with itself. We must build systems that serve Africans first. Institutions like Afreximbank are paving the way—but it is unity, shared vision, and action that will define our future.”
