Africa must not remain vulnerable to external forces – Cardoso

Cardoso Olaymi, Governor, Central Bank of Nigeria (CBN), urged the African leaders, financial institutions and the private sector to accelerate the development initiatives that will give a damn the vulnerability of continents to external shocks.

Speaking at the 32nd Annual meeting of the African Export-Import Bank (Afreximbank) which started on Wednesday, Cardoso praised the evolution of the institution from his foundation to Abuja in 1993, highlighting his journey from modest beginnings.

He said: “In a moment of moving geopolitical tensions and growing economic fragmentation, Africa must not remain vulnerable to external forces. The increase in commercial protectionism, global economic fragmentation and the movement of geopolitical dynamics are not only undermining the prospects of the development of Africa, they are also threatening the consistency of the international ecosystem.”

The Governor of the CBN supported the building institutions based on local realities, with systems, data, governance and a “long -term oriented mentality”, adding that “resilience is not accidental. It is engineered.”

Cardoso asked for strategic farmers, preparation for crises and robust systems as a key to building lasting institutions.

He also recognized that Nigeria, as a founding member and the largest single beneficiary of Afreximbank, received about $ 52 billion of commercial and project funding, reflecting the scope of his economy and depth of commitment.

He also highlighted a series of CBN reforms to strengthen his financial system and currency stability.