Central Bank of Nigeria Governor Olayemi Cardoso has called for stronger payment links with China and greater Chinese investment in Nigerian financial markets, including naira-denominated instruments.
He set out the proposals during discussions with the chairman and senior management of the Industrial and Commercial Bank of China, ICBC, in Beijing. The engagement focused on making cross-border business easier and expanding financial flows between the two countries.
The Nigeria-China Cross-Border Finance Roundtable examined payment efficiency, settlement arrangements, trade finance and the practical obstacles businesses face when conducting transactions between both countries.
Cardoso said ICBC could use its corporate relationships and international network to connect Chinese institutions with investment opportunities in Nigeria and help identify barriers to their participation.
According to Vanguard, he said CBN data showed substantial trade-related payments from Nigeria to China, but comparatively limited export proceeds and investment flows into Nigeria. He argued that wider participation in Nigerian financial markets could broaden that relationship.
Cardoso said Nigeria’s financial reforms had created a more predictable investment environment. He described the CBN’s role as maintaining a credible and transparent financial system while working with counterparts to address regulatory and institutional barriers.
The Beijing engagement follows his earlier discussions with China’s central bank on payments, settlement systems and trade finance, reported here.
He proposed that the ICBC discussions produce practical priorities and designated teams to carry the work forward.
Sources: Premium Times, Vanguard
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