Leaders: Strong trade, payment systems key to resilient growth in Africa

Delivering one of the keynote addresses, the governor of the Central Bank of Nigeria, Dr Olayemi Cardoso, called for renewed commitment to building robust and adaptable African institutions capable of weathering external shocks. He praised Afreximbank for evolving from modest beginnings with a capital worth $750 million in 1993 to becoming a trusted catalyst for change and development on the continent.

By 2024, the bank had assets worth $40 billion, he said

“Resilience is not accidental—it is engineered through deliberate choices, strong foundations and a long-term orientation,” Dr Cardoso said.

“Afreximbank has demonstrated what is possible when vision is matched with execution, particularly in times of crisis,” he added.

Dr Cardoso highlighted the bank’s critical interventions during the Covid-19 pandemic and its continued support through financing mechanisms such as the Pandemic Trade Impact Mitigation Facility (PATIMFA), which helped countries respond swiftly to health and economic emergencies.

He said Nigeria had benefitted immensely from its relationship with Afreximbank, receiving over $52 billion in trade and project financing in the past decade, making it the bank’s largest beneficiary and shareholder.

“We are committed to rebuilding trust and restoring credibility in our financial institutions,” said Dr Cardoso.

“This is essential for fostering investor confidence and deepening economic resilience,” he said.

The meetings, attended by key government officials, central bank governors, ministers, and global finance leaders, focused on the theme: “Building the future on decades of resilience.” Participants reviewed Afreximbank’s evolution and its impact on trade, industrialisation and infrastructure development across Africa.

Beyond celebrating past milestones, the speakers looked ahead, emphasising the need for greater integration, especially through the full operationalisation of AfCFTA and the Pan-African Payment and Settlement System (PAPSS).

According to the secretary general of the AfCFTA, Mr Wamkele Mene, 49 African countries have so far ratified the agreement, demonstrating the commitment of political leadership to achieving economic integration by removing customs barriers and achieving African unity.

However, ratification is just the beginning, he said, adding that implementation is where the real challenge lies.

“We must simplify customs procedures, eliminate non-tariff barriers, harmonise product standards, and ensure efficient logistics. Already, we’ve issued over 3,000 Certificates of Origin under the AfCFTA Guided Trade Initiative. These show that the businesses are utilizing the opportunity to expand across borders and accessing new markets,” he said.

“The AfCFTA agreement is no longer just a matter of political declarations or future aspirations, but is now based on real and practical tools that will transform the nature of trade and growth in Africa,” he added.

The AfCFTA aims to create a single market of over 1.4 billion people, with a projected GDP of over $4 trillion by 2050, according to him.

Dr Cardoso also revealed Nigeria’s efforts to engage the diaspora in national development, including the launch of new financial instruments to enable non-resident Nigerians to invest in local markets. He said these initiatives aimed to harness the diaspora’s economic potential while promoting inclusive growth.

As the continent faces rising geopolitical tensions, climate risks and shifting global economic dynamics, participants agreed that home-grown solutions—rooted in strong institutions, forward-looking policies and continental solidarity—will be vital in defining Africa’s future.

“Africa must lead with ambition and innovation,” said Dr Cardoso. “Let us commit to building the resilient institutions our economies require, and leave here united in purpose, ready for the opportunities that lie ahead.”

Special economic advisor to the President of Nigeria, Mr Tope Fasua, said Africa faces multiple global headwinds—geopolitical fragmentation, climate change, and financial uncertainty.

According to him, these demand coordinated action.

“We must accelerate investment in regional infrastructure, build continental supply chains, and deepen trade through platforms such as the Pan-African Payment and Settlement System (PAPSS),” he said.

“We must also develop sustainable finance models to de-risk investment, crowd in private capital, and support green industrialisation. Afreximbank and similar institutions are central to this effort. They must continue to play a catalytic role in ensuring that Africa’s economic transformation is inclusive and enduring.”