The Central Bank of Nigeria (CBN) is seeking to deepen financial ties between Nigeria and China by addressing cross-border payment barriers, strengthening banking relationships and improving investment channels between the two economies.
Olayemi Cardoso, governor of the CBN, made the push at a high-level business and financial roundtable in Beijing on Wednesday, October 21, 2026, where Nigerian and Chinese business leaders examined opportunities to expand financial connectivity and identify practical challenges affecting transactions between the two markets.
The engagement, themed “Strengthening the Nigeria–China Financial Corridor,” was held at the Pan Pacific Beijing and provided a platform for businesses operating across both countries to share their experiences and identify areas where stronger financial cooperation could facilitate trade, investment and access to financial services.
Cardoso emphasised the importance of engaging directly with businesses to understand the opportunities and constraints affecting financial activity between Nigeria and China, particularly those that could inform efforts to develop deeper and more accessible financial markets.
The discussions focused on the need for more efficient cross-border payment arrangements, stronger banking connectivity and the potential benefits of a larger Nigerian banking presence in China, reflecting the importance of financial infrastructure in supporting businesses operating across the two economies.
For businesses operating in both Nigeria and China, improved financial connectivity could reduce transaction challenges, facilitate investment flows, and expand access to financial services. However, the roundtable focused on identifying practical barriers and opportunities for cooperation, with no specific new payment arrangement or banking agreement announced in the statement.
Philip Ikeazor, deputy governor for economic policy at the CBN, delivered the opening remarks, outlining the objectives of the engagement and the importance of translating stronger macroeconomic fundamentals into increased investment and more developed financial markets.
Read also: France reports first human infection with Shamonda virus, patient dies
Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), also addressed participants, alongside Festus Mbisiogu, chairperson of Blue Diamond Group, and Chief Diana Chen, chairperson of CIG Motors, who shared perspectives from businesses operating across the Nigeria–China corridor.
An interactive listening session formed the centrepiece of the roundtable, allowing participants to discuss opportunities for greater financial activity and the practical difficulties encountered when conducting transactions between the two countries.
The engagement also featured a presentation on Nigeria’s economic reform progress, improved macroeconomic fundamentals and emerging investment opportunities in the country’s financial markets.
Cardoso, in his closing reflections, underscored the importance of translating stakeholder engagement into a clearer understanding of the financial and institutional issues requiring attention.
The insights gathered are expected to inform the CBN’s continued engagement with relevant financial institutions and regulatory counterparts, with a focus on practical areas for cooperation within the Bank’s mandate.
The Beijing meeting forms part of the CBN’s broader strategy 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 also includes bilateral discussions with the People’s Bank of China, engagement with the leadership of the Industrial and Commercial Bank of China (ICBC), and further meetings with Nigerian and Chinese businesses.
Read also:Kitts and Nevis named world’s top citizenship programme for 6th straight year
The programme will extend to Guangzhou, where the CBN plans to hold a listening session with the Nigerian business community to better understand financial challenges, explore opportunities to strengthen remittance channels and facilitate investment into Nigeria.
The engagements underscore the CBN’s efforts to use dialogue with businesses and financial institutions to identify practical measures that could strengthen financial links, improve the movement of funds and support investment between Nigeria and China.
Related News
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
