Cardoso, who has led the CBN since September 2023, brings extensive experience in international banking, investment management, and economic policy. Under his leadership, the CBN has implemented reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, and concluded a recapitalisation programme for the banking sector. The AFC stated that his background in stabilising macroeconomics and strengthening institutional governance is intended to support the corporation’s strategic direction as it mobilises investment to close Africa’s infrastructure gap.
The appointment coincides with AFC’s expansion of financing for strategic assets across the continent. Recent milestones include achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, which supports the rehabilitation of a 1,300-kilometre rail line. The corporation also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria and committed $300 million alongside Vision Invest to WIOCC Group for digital infrastructure expansion. Since its establishment in 2007, AFC has invested over $20 billion in 36 African countries and maintains 49 member states.
Samaila Zubairu, President and CEO of AFC, stated that Cardoso’s leadership aligns with the corporation’s “The Africa We Build 2050” initiative, which seeks to mobilise African capital to build infrastructure and industries that create jobs. “He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.
In a related development at an investors’ forum in Bangkok, Thailand, held on the sidelines of the IMF and World Bank Group Annual Meetings, Nigerian officials sought to attract long-term capital. Finance Minister Taiwo Oyedele and Cardoso outlined government priorities, including reducing inflation to single digits and improving regulatory efficiency. They presented a pipeline of 65 projects requiring $78.5 billion in funding, with energy and transport accounting for nearly 80% of the requirement. Specifically, oil, gas, and power projects total $36.4 billion, while transport and maritime projects are valued at $25 billion.
Cardoso commented on his new role, stating, “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 added that the measure of success must be the productive capacity created and the jobs supported across the continent.
Cardoso previously served as Chairman of Citibank Nigeria for 12 years and as Lagos State Commissioner for Economic Planning and Budget. He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School.
