The Central Bank of Nigeria Governor (CBN), Mr. Olayemi Cardoso, is exploring opportunities to deepen financial connectivity with China to support greater trade, investment and business activity between the two economies.
Cardoso stated this desire during an engagement with the leadership of the Industrial and Commercial Bank of China (ICBC) in Beijing, placing the commercial results of financial cooperation at the centre of discussions.
The CBN’s engagements in Beijing connected discussions with financial institutions to the operating experience of executives and practitioners managing transactions across the Nigeria–China corridor.
During a meeting with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), Cardoso said closer financial cooperation should create the conditions for greater economic activity in both directions.
“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 programme also included the Nigeria–China Cross-Border Finance Roundtable, a specialist discussion focused on trade settlement, payments and business operations.
Bringing together senior executives and financial-sector practitioners, the session examined settlement arrangements, payment efficiency and operational constraints across the corridor. Its focus encompassed the responsibilities of those working in cross-border transactions, treasury, trade finance and investment.
At ICBC, Cardoso highlighted the importance of efficient payment and settlement arrangements, including the effective use of existing bilateral mechanisms.
He said practical constraints should continue to be identified and addressed, with financial cooperation assessed through the activity it supports.
Cardoso, has been actively pursuing deeper financial ties and strategic engagements with Chinese financial institutions and markets.
The CBN is working to improve payment connectivity and settlement frameworks with China to ease bilateral trade. This involves exploring stronger cross border payment arrangements to reduce transaction bottlenecks and lower costs for businesses dealing between both countries.
The apex bank is targeting long term capital from Asian markets to boost Nigeria’s financial markets, diversify investment sources, and widen funding options for infrastructure and local businesses.
The CBN has expressed keen interest in studying China’s robust digital payment infrastructure and establishing peer review mechanisms with the People’s Bank of China (PBoC) to modernize Nigeria’s financial ecosystem.
Governor Cardoso has emphasized that recent improvements in exchange rate stability and domestic financial reforms (such as the banking sector recapitalization exercise) provide a solid foundation to attract these long term foreign investments.
