• 26 Jun, 2025
• Faith Kegh
• No comment

CBN to Broaden Nigeria’s Reserve Base — Cardoso.

The Central Bank of Nigeria (CBN) is preparing to diversify the country’s foreign reserves as

part of broader reforms aimed at strengthening the economy and improving the foreign exchange market.

CBN Governor, Olayemi Cardoso, made the announcement during the opening of the Afreximbank Annual Meetings (AAM) in Abuja. While he did not go into specifics, Cardoso said the move is intended to enhance the resilience of Nigeria’s foreign reserves by reducing reliance on a single currency traditionally the US dollar and expanding holdings to include other currencies, gold, and Special Drawing Rights (SDRs).

He also revealed two new financial products introduced by the CBN: the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account. These are tailored to Nigerians living abroad and are designed to encourage remittances and investments into the country. Cardoso described the initiative as a significant step toward leveraging the economic potential of the diaspora.

“This will be a game changer,” he said. “It will showcase how Nigeria is expanding both its revenue and reserve bases.”

Cardoso emphasized the importance of policy consistency and building trust with stakeholders as a way to shield Nigeria—and Africa more broadly from global economic shocks.

   Afreximbank: Overcoming Resistance and Building Resilience

In a related address, Afreximbank Senior Vice President Denys Denya reflected on the bank’s early challenges and how it has grown over the past 32 years. Originally founded during a time of economic crisis and resistance to African-led financial solutions, the bank now manages assets worth over \$40 billion, up from an initial capital of \$750 million.

Denya emphasized that Afreximbank has become a symbol of African resilience and financial independence.

Nigeria’s Share of Afreximbank Investments

Vice President Kashim Shettima, in a message delivered by his Economic Adviser, Dr. Tope Fasua, praised Afreximbank for investing over \$52 billion in Nigeria—more than in any other African country. The bank has mobilized and disbursed over \$100 billion continent-wide.

Key projects include:

  The African Medical Center of Excellence, offering advanced medical services.
  Quality assurance centers in Kaduna and Ogun States to enhance Nigeria’s export capacity.
A \$300 million export manufacturing project in Cross River, Enugu, and Kano States.
A \$3 billion intra-African petroleum trade facility, aimed at boosting Nigeria’s refining and energy security.

These efforts, Shettima noted, are critical to strengthening economic self-reliance and promoting sustainable growth.

   Outlook for African Trade

Afreximbank Chief Economist, Dr. Yemi Kale, presented a positive outlook for African trade, projecting 4% growth driven by increased intra-African trade and stronger partnerships with multilateral institutions. He also forecast a decline in the continent’s average inflation rate from 19% to around 15%.

Despite global economic challenges, Kale affirmed that Africa remains resilient and well-positioned for continued progress.

Faith Kegh

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