The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed chairman of the Board of Directors of the Africa Finance Corporation (AFC).

The appointment was announced on Wednesday, as the corporation continues its efforts to raise funds for infrastructure and industrial projects across Africa.

In a statement by the AFC, Mr Cardoso would replace Ireti Samuel-Ogbu, who had chaired the board since April 2025.

Mrs Samuel-Ogbu will remain a member of the board.

The appointment gives Mr Cardoso an additional leadership role while he continues to serve as the governor of the CBN.

The AFC is a financial institution established in 2007 to support infrastructure development across Africa. It provides funding for projects in electricity, transport, telecommunications, natural resources and other sectors.

According to the corporation, it has 49 member countries and invested over $20 billion in 36 African countries since it was established.

The corporation said Mr Cardoso’s experience in banking, economic policy and public service would support its plans to attract more investment into African infrastructure.

Mr Cardoso became CBN governor in September 2023, following his appointment by President Bola Tinubu.

Since assuming office, he has overseen changes to Nigeria’s foreign exchange market, monetary policy and banking regulations.

Before joining the CBN, he served as chairman of Citibank Nigeria for 12 years and was commissioner for economic planning and budget in Lagos State.

He studied at Aston University in the United Kingdom and holds a master’s degree in public administration from the Harvard Kennedy School in the United States.

Speaking on the appointment, the AFC President and Chief Executive Officer, Samaila Zubairu, said Mr Cardoso’s experience would help the corporation expand its investments.

“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,” Mr Zubairu said.

He also thanked Mrs Samuel-Ogbu for her service to the corporation.

In his response, Mr Cardoso said he looked forward to working with the board, management and member countries to support infrastructure development and job creation.

“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. 

“I look forward to working with the Board, management and member states to advance The Africa We Build 2050,”he said.

He added that the corporation’s success should be measured by the industries it helps develop and the jobs it supports.

The appointment comes as the AFC expands its involvement in major projects across Africa.

The corporation recently announced that a $753 million financing agreement had been completed for the Lobito Corridor railway project in Angola.

The project involves the rehabilitation and operation of a 1,300-kilometre railway corridor aimed at improving transport and trade.

In Nigeria, the AFC supported a $600 million financing arrangement for Dangote Group’s fertiliser expansion programme.

It also committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to support the expansion of digital infrastructure across Africa.

The corporation said the investments formed part of its plans to improve infrastructure, support businesses and strengthen trade between African countries.