Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has called on African countries to make strategic investments in reliable electricity, affordable internet connectivity and digital infrastructure, saying they are critical to unlocking the continent’s artificial intelligence (AI) economy and strengthening its global competitiveness.
Cardoso made the call during the 7th African Emerging Markets Forum held at the Central Bank’s headquarters in Abuja, where he outlined the infrastructure and human capital needed for Africa to harness the opportunities presented by AI.
According to the CBN governor, Africa cannot fully participate in the rapidly evolving AI economy without first addressing fundamental infrastructure gaps that continue to limit innovation, entrepreneurship and digital inclusion across the continent.
“Africa must invest in the foundations of an AI-enabled economy: including reliable electricity, affordable connectivity, digital infrastructure and, above all, a generation of AI-savvy young Africans ready to build solutions for the continent and compete globally,” Cardoso says.
“Africa must invest in the foundations of an AI-enabled economy: including reliable electricity, affordable connectivity, digital infrastructure and, above all, a generation of AI-savvy young Africans ready to build solutions for the continent and compete globally,” Cardoso says.
Infrastructure key to AI-driven growth
Cardoso said AI has the potential to transform sectors ranging from agriculture and healthcare to education, manufacturing and financial services, but warned that the technology cannot flourish without dependable infrastructure.
He noted that inadequate electricity supply and limited broadband access remain major obstacles to digital innovation in many African countries, making sustained investment in infrastructure essential for economic transformation.
Beyond physical infrastructure, Cardoso stressed the importance of investing in digital skills, describing Africa’s youthful population as one of its greatest assets in the AI era.
According to him, preparing young people with AI-related knowledge and technical skills would enable them to create solutions tailored to African challenges while competing successfully in international markets.
“We must prepare young Africans for an AI-enabled economy and unlock the full economic participation of women, because Africa cannot fly with one wing. Our goal must be an Africa in which young entrepreneurs can build, scale and compete without having to leave the continent to realise their potential elsewhere,” he says.
Africa should become a creator of AI, CBN Governor says
Cardoso argued that Africa’s ambition should extend beyond adopting foreign technologies to developing homegrown AI solutions capable of addressing local problems.
“For Africa, we must move beyond being consumers of technology. We must become creators, developing African solutions to African challenges and building businesses capable of taking those solutions to the world,” he says.
He said fostering innovation ecosystems and supporting technology entrepreneurs would help position Africa as an active participant in the global AI economy rather than merely a consumer of imported digital technologies.
Stable economy supports innovation
Cardoso linked digital transformation with broader macroeconomic stability, saying Nigeria’s ongoing economic reforms are creating conditions that encourage investment and business growth.
He explained that restoring orthodox central banking practices has played a key role in stabilising Nigeria’s banking sector, foreign exchange market and wider economy.
According to him, many fiscal responsibilities previously assigned to the Central Bank had contributed to high interest rates and distortions in the foreign exchange market.
Cardoso expressed confidence that interest rates would moderate over time, improving access to financing for small and medium-sized enterprises (SMEs), while the ongoing banking sector recapitalisation would strengthen banks’ ability to support productive sectors of the economy.
He also said Nigeria’s foreign exchange market now operates with greater transparency and liquidity, significantly reducing the need for intervention by the Central Bank.
The CBN governor identified policy implementation as Nigeria’s biggest challenge, arguing that the country has consistently demonstrated the ability to formulate policies but often struggles with execution.
He said maintaining macroeconomic stability requires discipline and consistency, particularly when reforms become difficult or unpopular.
Cardoso also disclosed that the Central Bank is documenting its reform journey to provide future policymakers with lessons that can help prevent a return to policies that undermined economic stability.
He further called for stronger collaboration among African governments and institutions, saying regional integration, trade cooperation and coordinated policy implementation are increasingly essential for sustainable growth.
WTO chief backs investment and reforms
Also speaking at the forum, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO) said Africa’s future depends on effective leadership, sound governance and sustained implementation of reforms.
She urged Nigeria to continue its macroeconomic reforms while ensuring they translate into jobs and economic opportunities for young people.
“Nigeria must continue macroeconomic reforms while focusing on the real test: creating jobs and opportunities for its young population,” she says.
Okonjo-Iweala also encouraged African countries to develop regional value chains around critical minerals by processing raw materials locally and expanding manufacturing activities such as electric vehicle (EV) battery production.
According to her, attracting investment will require deliberate improvements in governance, infrastructure and the business environment.
“Charity begins at home. You cannot really attract foreign investment if your own domestic investors are not investing in the country,” she says.
She added that Africa should focus on the opportunities emerging from global economic shifts, stressing that stronger regional integration and strategic investments would enable the continent to compete more effectively in global supply chains and the digital economy.
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