The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has been appointed as the Chairman of the Africa Finance Corporation (AFC).
AFC President and CEO, Samaila Zubairu, disclosed the appointment on Wednesday on the sidelines of the IMF meeting in Bangkok, Thailand. Cardoso replaces Mrs Ireti Samuel-Ogbu, who has chaired the AFC Board since April 2025.
The appointment comes as African countries continue to seek long-term financing for critical infrastructure, including power generation, transportation, telecommunications and industrial projects, amid persistent funding gaps and rising development needs.
Established in 2007, the Africa Finance Corporation provides financing, technical expertise and investment support for infrastructure development across Africa. The institution works with governments, private-sector operators and other development finance institutions to mobilise capital for projects aimed at improving economic productivity, regional integration and trade.
AFC has invested in several strategic sectors, including energy, natural resources, heavy industry, telecommunications and transport. Its activities are designed to address infrastructure constraints that have limited the competitiveness of African economies and increased the cost of doing business.
Cardoso’s appointment also comes amid efforts by Nigeria to strengthen macroeconomic stability, attract foreign investment and improve confidence in the country’s financial system. Since assuming office as CBN governor in September 2023, he has overseen monetary policy decisions aimed at curbing inflation, stabilising the naira and rebuilding confidence in the foreign exchange market.
The CBN has also pursued reforms to improve transparency and liquidity in the foreign exchange market, alongside monetary tightening measures intended to address inflationary pressures.
As chairman of the AFC Board, Cardoso will be expected to contribute to the corporation’s strategic direction and board-level oversight as it pursues its infrastructure financing and investment objectives across African markets.
