Africa Must Not Remain Vulnerable To External Forces – Cardoso

Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), has urged African leaders, financial institutions, and private sector to accelerate development initiatives that will curb the continents’ vulnerability to external shocks.

Speaking at the 32nd Annual Meeting of the African Export-Import Bank (Afreximbank) which began Wednesday, Cardoso commended the institution’s evolution since its founding in Abuja in 1993, highlighting its journey from modest beginnings.

He said, “At a time of shifting geopolitical tensions and growing economic fragmentation, Africa must not remain vulnerable to external forces. Rising trade protectionism, global economic fragmentation and shifting geopolitical dynamics are not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem.”

The CBN governor advocated building institutions grounded in local realities, with strong systems, data, governance, and a “mindset oriented towards the long term”, adding “resilience is not accidental. It is engineered.”
Cardoso called for strategic foresight, crisis preparedness, and robust systems as key to building lasting institutions.

He also acknowledged that Nigeria, as a founding member and the largest single beneficiary of Afreximbank, has received approximately $52 billion in trade and project financing, reflecting the scale of its economy and depth of engagement.

He also highlighted series of reforms by the CBN to strengthen its own financial system and currency stability.