Cardoso pushes for better financial ties between Nigeria and China

Central Bank of Nigeria Governor Olayemi Cardoso has shared plans to improve financial connections with China. This move aims to boost trade, investment, and business activities between both countries.

The CBN’s talks in Beijing linked discussions with financial bodies to the experiences of those managing transactions between Nigeria and China.

In a meeting with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), Cardoso said that closer financial cooperation should help increase economic activities for both countries.

“Our ambition is not simply to make financial transactions between Nigeria and China easier. It is to create the conditions for more transactions, greater investment and stronger financial flows in both directions,” he said.

The program also featured the Nigeria, China Cross-Border Finance Roundtable. This was a focused discussion on trade settlement, payments, and business operations.

Bringing together top executives and financial practitioners, the session looked at settlement systems, payment efficiency, and the challenges in the corridor. It focused on the duties of those involved in cross-border transactions, treasury, trade finance, and investment.

At ICBC, Cardoso stressed the need for effective payment and settlement systems. He talked about using existing bilateral mechanisms well. He said practical challenges should be identified and solved, with financial cooperation measured by the activities it supports.

“Ultimately, the measure of success is not simply whether we have better financial mechanisms. It is whether those mechanisms enable greater transaction volumes, broader market participation and a more balanced financial relationship,” he said.

Cardoso pointed out that ICBC’s corporate links, networks, and global reach could connect Chinese financial institutions with Nigerian opportunities and help understand barriers to participation. He mentioned investing in naira-denominated instruments as one way to strengthen the relationship.

The Governor said Nigeria's strong commercial ties with China offer chances for better financial flows. CBN data showed that Nigeria made significant trade-related payments to China, but the export proceeds and investment flows into Nigeria were relatively low.

He linked the chance for deeper cooperation to Nigeria's stronger financial foundations. He stated that efforts made in the last three years had built confidence and created a more predictable environment for investment and business.

The goal is to build on these gains and turn greater stability into deeper financial markets, more investment, and sustainable economic growth.

Cardoso reaffirmed that the CBN should keep a trustworthy, clear, and efficient financial environment. He suggested that discussions at ICBC should find practical priorities and set up teams to push for cooperation, including tackling regulatory and institutional barriers where necessary.