The Governor of the Central Bank of Nigeria, Hon. Dr. Olayemi Cardoso, has made a passionate call for Africa to rely less on external assistance and more on its own institutions to shape its economic destiny.
Speaking during the opening of the 2025 Afreximbank Annual Meetings at the Transcorp Hilton in Abuja, Cardoso emphasized the urgent need to build resilient, Africa-rooted institutions that can withstand global financial shocks and steer the continent toward self-sufficiency.
“Africa must commit to strategic foresight, invest in long-term solutions, and empower homegrown institutions like Afreximbank,” Cardoso said, praising the pan-African bank for evolving from a modest $750 million capital base in 1993 to over $40 billion in assets today.
Now in its 32nd year, Afreximbank was established in Abuja during a period when international financial support was withdrawing from the continent. Cardoso said the bank’s journey symbolized African resilience and the potential of African-led institutions to chart a new path for development.
He added, “Resilience isn’t accidental—it’s a product of deliberate choices and forward-thinking leadership. Institutions that thrive do so by preparing for crises before they happen, building buffers, and resisting the lure of short-term gain.”
With Africa currently facing a $100–$120 billion trade finance gap, Cardoso called for urgent action: stronger data systems, deeper intra-African trade, and full implementation of the African Continental Free Trade Area (AfCFTA).
“To secure our economic future, we must enhance regional integration and strengthen ties with the African diaspora,” he stated.
The opening session also featured remarks from Afreximbank Senior Vice President Mr. Denys Denya, who described the meetings as a “pivotal platform for reshaping the continent’s policy and development narrative.” He encouraged Africans to take ownership of their destiny amid global realignments and economic fragmentation.
“This is a clarion call,” Denya said. “In an increasingly fractured world, Africa must find strength in unity and deepen its support for homegrown financial mechanisms.”
Dignitaries present on Day One included Dr. Terrance Drew, Prime Minister of St. Kitts and Nevis; Nigeria’s Vice President Senator Kashim Shettima (represented by Special Adviser Tope Fasua); Afreximbank’s Chief Economist Dr. Yemi Kale; AfCFTA Secretary General Mr. Wamkele Mene; and Ghana’s Finance Minister Hon. Cassiel Ato Forson.
The event also witnessed the launch of the African Trade and Economic Outlook (ATEO 2025) report, which outlined the continent’s pressing need to close financial gaps that continue to hinder production, trade, and economic integration.
As discussions continue through June 28, the spotlight remains on how Africa can transform resilience into independence—and rhetoric into results.
