Nigeria: AFC Appoints CBN Governor, Yemi Cardoso Board Chairman

What the report says

The Africa Finance Corporation (AFC) has named Olayemi Cardoso, governor of Nigeria’s Central Bank, as chairman of its board of directors, according to the report published by This Day and carried by AllAfrica. He takes over from Ireti Samuel-Ogbu, who remains on the board. AFC is a pan-African infrastructure finance institution that supports projects across the continent.

The appointment was announced alongside a Nigerian government investor forum in Bangkok, held during the International Monetary Fund and World Bank Group annual meetings. At the forum, Finance Minister Taiwo Oyedele and Cardoso urged investors to back Nigeria’s reform agenda and consider longer-term commitments. They said the government wants to improve the investment climate, attract patient capital and shift interest from short-term portfolio flows toward direct investment.

The report says Nigeria is presenting a pipeline of 65 projects worth $78.5 billion across sectors including energy, transport, agriculture, manufacturing, health and technology. Officials also highlighted policy measures aimed at foreign investors, such as foreign ownership rights in many sectors, profit repatriation provisions and treaty protections. A new “deal room” was introduced to connect investors with policymakers and guide them through opportunities.

The broader context is Nigeria’s effort to stabilise inflation, improve power supply, strengthen regulation and increase data transparency. Cardoso said the central bank sees lower inflation as essential for economic stability, while Oyedele said better coordination between fiscal and monetary policy could help ease borrowing costs and support growth.