Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has called for increased Chinese investment in Nigeria’s financial markets, particularly in naira-denominated instruments, as part of efforts to deepen financial cooperation between both countries.
Gatekeepers News reports that Cardoso made the call during discussions with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), where he highlighted opportunities to strengthen investment ties by leveraging Nigeria’s ongoing financial-sector reforms.
He said reforms implemented over the past three years had strengthened confidence in Nigeria’s financial system and created a more predictable environment for investment and business activities.
According to the CBN governor, the priority is to consolidate the gains recorded so far and translate improved financial stability into deeper markets, increased investment and sustainable economic growth.
“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,” Cardoso said.
He identified increased participation by Chinese financial institutions in Nigeria’s financial markets as a practical way to expand economic cooperation between the two countries.
“We believe there is considerable scope to broaden this relationship, particularly by encouraging greater participation by Chinese financial institutions in Nigeria’s markets, including investment in naira-denominated instruments,” he added.
Cardoso also highlighted the potential role of ICBC in connecting its extensive institutional networks and international reach with investment opportunities in Nigeria.
He said the bank’s corporate relationships could help identify barriers limiting participation in the Nigerian market and convert existing commercial interest into increased financial activity and investment.
Nigeria and China already maintain substantial commercial ties. However, Cardoso noted that CBN data showed significant trade-related payments from Nigeria to China, compared with relatively limited export proceeds and investment inflows into Nigeria.
He said greater participation in Nigeria’s financial markets could help introduce a stronger investment component into the relationship, which has largely been driven by trade payments.
The CBN governor reaffirmed the apex bank’s commitment to maintaining a credible, transparent and well-functioning financial environment to attract investors.
He added that the bank would continue working with relevant counterparts to address regulatory and institutional barriers where necessary to facilitate greater cross-border investment.
Cardoso also proposed practical areas of cooperation and designated teams to advance discussions between both sides.
He said progress would ultimately be measured by increased transaction volumes, broader participation in Nigeria’s financial markets and a more balanced financial relationship between Nigeria and China.
