Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has urged African nations to embrace a development strategy led by Africans themselves. Speaking at a recent high-level economic summit, he emphasized that the continent’s future must be built on local leadership, solutions, and ownership. Cardoso noted that while international investment is important, Africa’s long-term success depends on self-determination and collaboration among its governments, institutions, and global diaspora.
Over the last 32 years, more than $250 billion in investment has flowed into Africa. This figure highlights the growing confidence in the continent’s potential. However, Cardoso cautioned that Africa must go beyond attracting capital it must channel these funds into sustainable, inclusive development. Local expertise, innovation, and policy reforms, he said, will be the true drivers of transformation. He called for increased support for small businesses, infrastructure, and financial systems that empower citizens.
Africa’s economic resilience has been tested repeatedly by global disruptions, yet the continent continues to show strength. According to the African Development Bank, Africa’s GDP is projected to grow by 4% in 2025. Key growth sectors include digital technology, clean energy, and intra-African trade. Cardoso highlighted that regional initiatives like the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) are already improving trade efficiency and reducing reliance on foreign currencies.
Cardoso also addressed the critical role of the African diaspora. In 2023 alone, over $54 billion in remittances was sent back to the continent, according to World Bank data. These funds, he said, must be viewed not just as financial aid, but as vital capital for development. With the right policies, diaspora contributions can help scale local enterprises, invest in education, and close infrastructure gaps. Cardoso urged leaders to engage the diaspora as active partners in shaping Africa’s future.
Closing his remarks, Cardoso called for bold institutional reforms, stronger governance, and financial transparency. He reiterated the CBN’s commitment to exchange rate reform, digital banking expansion, and inclusive finance. Ultimately, he argued, Africa must move from dependency to leadership. With united efforts and African-led strategies, the continent can take charge of its development and achieve lasting prosperity on its own terms.
