CBN Governor Urges African Unity to Boost AfCFTA at Afreximbank Summit
Written by Blessing Ajibuwa on July 1, 2025
The Central Bank of Nigeria Governor, Olayemi Cardoso, has called for greater cohesion among African nations to advance the African Continental Free Trade Area (AfCFTA). He made this call during the Afreximbank 32nd Annual Meetings in Abuja, emphasizing the need for deeper regional integration and diaspora engagement.
Key Highlights
– *African Unity*: Cardoso stressed the importance of African nations working together to boost intra-African trade and investment. He noted that the AfCFTA has the potential to increase Africa’s GDP and improve the lives of millions of people across the continent.
– *Afreximbank’s Role*: He praised Afreximbank’s role in promoting African trade, noting its growth from a $750 million capital base to over $40 billion by 2024. Afreximbank’s support for African trade and investment has been instrumental in driving economic growth and development on the continent.
– *Nigeria’s Trade Financing*: Cardoso highlighted Nigeria’s $52 billion in trade and project financing from Afreximbank over the past decade. This financing has supported various projects and initiatives in Nigeria, contributing to the country’s economic development.
Significance of the Summit
The Afreximbank summit provides a platform for African leaders and financial institutions to discuss key issues affecting the continent’s economic development. The theme of the summit, “Building the Future on Decades of Resilience,” underscores the need for African nations to work together to address common challenges and achieve sustainable development.
Potential Benefits
The potential benefits of African unity and cooperation in advancing the AfCFTA are significant. They include:
1. *Increased Trade and Investment*: Deeper regional integration and cooperation can lead to increased trade and investment among African nations, driving economic growth and development.
2. *Improved Economic Resilience*: By working together, African nations can build more resilient economies that are better equipped to withstand external shocks and challenges.
3. *Enhanced Global Competitiveness*: A more united and integrated Africa can compete more effectively in the global economy, attracting investment and talent from around the world.
Conclusion
The call for African unity and cooperation in advancing the AfCFTA is a significant step towards promoting economic development and integration on the continent. By working together, African nations can unlock their economic potential and achieve sustainable development.
Related News
The Afreximbank summit has been widely covered in the media, with many stakeholders praising the efforts of African leaders to promote economic integration and development. The summit has also provided a platform for discussions on key issues affecting the continent’s economy, including trade, investment, and infrastructure development.
Future Prospects
The future prospects for African economic development and integration are promising, with many stakeholders optimistic about the potential benefits of the AfCFTA. As African nations continue to work together to advance the AfCFTA, it is expected that the continent will experience significant economic growth and development in the years to come.
