Africa Finance Corporation appoints Nigeria’s central bank governor to lead its board as the infrastructure financier expands investments in transport, fertiliser production and digital infrastructure across Africa.
Africa Finance Corporation (AFC), a leading African infrastructure financier, has appointed Central Bank of Nigeria (CBN) Governor Olayemi Cardoso as Chairman of its Board of Directors, placing Nigeria’s chief monetary policymaker at the helm of one of the continent’s key infrastructure investment institutions.
The appointment, announced on October 14, 2026, sees Cardoso succeed Ireti Samuel-Ogbu, who will remain on the board following the completion of her tenure as chairman.
Cardoso’s appointment comes as AFC intensifies efforts to mobilise capital for strategic infrastructure projects aimed at closing Africa’s infrastructure gap, supporting industrialisation and strengthening regional economic integration.
His experience in monetary policy, international banking, investment management and public-sector administration is expected to contribute to the corporation’s strategic direction as it pursues investments to expand productive capacity across African economies.
Since becoming CBN governor in September 2023, Cardoso has overseen a series of monetary, foreign exchange and institutional reforms aimed at restoring macroeconomic stability, improving policy credibility and rebuilding investor confidence in Nigeria.
Under his leadership, the central bank has introduced changes to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and pursued improvements in institutional governance and transparency.
The CBN has also concluded a banking-sector recapitalisation programme designed to strengthen the resilience of Nigerian banks and enhance their capacity to finance businesses and support long-term economic growth.
Before his appointment as central bank governor, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget, where he was involved in economic planning and fiscal management.
He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
AFC targets infrastructure-led economic transformation
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s appointment would strengthen the corporation’s efforts to mobilise African capital for infrastructure development and industrial expansion.
“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.
He added that Cardoso’s leadership would support AFC’s The Africa We Build 2050 agenda, which seeks to channel investment into infrastructure and industries capable of creating jobs and expanding economic opportunities across the continent.
Zubairu also commended Samuel-Ogbu for her contributions to the corporation during her tenure as chairman.
Cardoso said Africa’s economic stability would depend significantly on its ability to expand productive capacity, build competitive industries and generate employment.
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation,” he said.
He added that the corporation’s success should be measured by the productive capacity it creates, the industries it enables and the jobs it supports.
Railway, fertiliser and digital investments anchor AFC strategy
Cardoso assumes the chairmanship as AFC advances investments across transport, industrial production and digital infrastructure, sectors considered critical to improving Africa’s competitiveness and facilitating cross-border trade.
Among its recent milestones, the corporation achieved financial close on the $753 million Lobito Corridor Railway Project in Angola. The project supports the rehabilitation, upgrading and long-term operation of a 1,300-kilometre existing railway corridor intended to strengthen regional connectivity.
AFC has also supported a $600 million financing facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity and strengthening the country’s position in the fertiliser market.
In the digital infrastructure sector, the corporation committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across Africa.
The projects reflect AFC’s strategy of financing infrastructure platforms that connect markets, strengthen industrial value chains and attract investment into productive sectors.
For African economies, the challenge extends beyond mobilising capital to ensuring that infrastructure investments translate into lower business costs, improved trade flows, stronger manufacturing capacity and sustainable employment.
Cardoso’s appointment therefore places a central bank governor with experience in financial-sector reform at the head of an institution seeking to bridge the gap between Africa’s financing needs and its long-term industrial ambitions.
The effectiveness of that strategy will ultimately depend on AFC’s ability to convert investment commitments into completed projects that expand productive capacity, improve regional integration and support durable econom
