Olayemi Cardoso appointed Chairman of Africa Finance Corporation

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has been appointed as the Chairman of the Board of Directors for the Africa Finance Corporation (AFC). He succeeds Ireti Samuel-Ogbu, who will remain on the board as a director. The appointment is seen as a move to strengthen institutional ties, as the CBN is a major shareholder in the AFC.

Cardoso’s leadership at the CBN has focused on monetary and financial sector reforms aimed at restoring macroeconomic stability and investor confidence in Nigeria. These include foreign exchange market reforms and a banking sector recapitalization program.

At the IMF/World Bank Annual Meetings in Bangkok, Cardoso and other Nigerian officials discussed economic reforms and efforts to attract investment. The International Monetary Fund (IMF) has endorsed the CBN’s recent monetary policy adjustments, noting that while the bank has begun normalizing interest rates due to declining inflation, the overall policy stance remains restrictive to ensure stability.