Cardoso seeks stronger banking ties with China
— CBN moves to ease cross-border payments, boost investment flows
— Governor meets Nigerian, Chinese business leaders in Beijing
By Emma Ujah, Abuja Bureau Chief
The Central Bank of Nigeria (CBN) is seeking stronger banking relationships between Nigeria and China, alongside more efficient cross-border payment systems, to facilitate trade, investment and financial transactions between the two countries.
CBN Governor, Olayemi Cardoso, made this known at a high-level business and financial roundtable in Beijing, China, on Wednesday, according to a statement issued by the apex bank.
Cardoso engaged Nigerian and Chinese business leaders to identify barriers to financial flows and explore ways to strengthen economic ties between both countries.
The roundtable, themed “Strengthening the Nigeria–China Financial Corridor,” focused on improving banking connectivity, facilitating international payments and expanding access to financial services and investment opportunities.
Participants also examined the potential benefits of increasing the presence of Nigerian banks in China to support businesses operating across the two markets.
The meeting provided a platform for business operators to share their experiences and highlight practical challenges affecting financial transactions between Nigeria and China.
Cardoso stressed the importance of direct engagement with businesses to understand the opportunities and constraints affecting financial activities between the two economies.
He said such interactions would help the CBN identify practical challenges and inform efforts to develop deeper and more accessible financial markets.
The governor also emphasised the need to translate the discussions into a clearer understanding of the financial and institutional issues requiring attention.
The CBN’s Deputy Governor for Economic Policy, Philip Ikeazor, delivered the opening remarks, highlighting the need to translate improvements in Nigeria’s macroeconomic fundamentals into increased investment and stronger financial markets.
Nigeria’s Ambassador to China, Lt.-Gen. Abdulrahman Bello Dambazau (retd.), also addressed the gathering.
Other speakers included the Chairperson of Blue Diamond Group, Festus Mbisiogu, and the Chairperson of CIG Motors, Chief Diana Chen, who shared perspectives from businesses operating along the Nigeria–China economic corridor.
During an interactive session, participants identified challenges encountered in conducting transactions between the two countries and proposed areas for improved cooperation.
Beyond payment efficiency and banking connectivity, discussions explored ways to facilitate financial flows and improve access to investment opportunities in Nigeria.
The meeting also featured a presentation on Nigeria’s economic reform programme, improvements in macroeconomic fundamentals and emerging opportunities in the country’s financial markets.
The CBN said insights from the engagement would inform its continued discussions with relevant financial institutions and regulatory counterparts, particularly in areas where practical cooperation could be pursued within the bank’s mandate.
The Beijing meeting forms part of the CBN’s broader efforts to deepen Nigeria’s financial relationships across Asia.
Following engagements in Singapore and at the IMF/World Bank Annual Meetings in Bangkok, the bank’s China programme includes bilateral discussions with the People’s Bank of China, engagements with the leadership of the Industrial and Commercial Bank of China (ICBC), and further consultations with Nigerian and Chinese businesses.
The programme is also expected to extend to Guangzhou, where the CBN plans to hold a listening session with members of the Nigerian business community.
The session is expected to provide further insight into the financial challenges facing Nigerian businesses in China, particularly those relating to remittance channels and investment flows into Nigeria.
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