From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has engaged Nigerian and Chinese business leaders on ways to strengthen financial ties between both countries, with a focus on cross-border payments, banking connectivity and investment flows.
CBN Governor, Olayemi Cardoso, made the call at a business and financial roundtable in Beijing, China, on Wednesday, as participants discussed barriers to financial transactions and opportunities to improve access to financial services in both markets. The roundtable, themed, “Strengthening the Nigeria-China Financial Corridor,” was held at the Pan Pacific Beijing and brought together business leaders operating across both economies.
Cardoso said direct engagement with businesses was important in understanding the opportunities and constraints affecting financial activities between Nigeria and China, particularly in efforts to develop deeper and more accessible financial markets.
He also stressed the importance of translating the discussions into a clearer understanding of the financial and institutional challenges requiring attention.
Also speaking, Deputy Governor for Economic Policy at the CBN, Philip Ikeazor, highlighted the need to translate improved macroeconomic fundamentals into increased investment and stronger financial markets.
Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Dambazau (rtd), also addressed participants. Other speakers included Chairperson of Blue Diamond Group, Festus Mbisiogu, and Chairperson of CIG Motors, Chief Diana Chen.
During an interactive session, participants stressed the need for more efficient cross-border payment arrangements, stronger banking relationships and a possible expansion of Nigerian banks’ presence in China.
They also discussed ways to facilitate financial flows, improve access to financial services and create more opportunities for investment in Nigeria.
The engagement featured a presentation on Nigeria’s economic reforms, improved macroeconomic fundamentals and emerging investment opportunities in the country’s financial markets.
The CBN said the insights gathered would inform its continued engagement with financial institutions and regulatory counterparts on practical areas of cooperation within the Bank’s mandate.
The Beijing meeting forms part of the CBN’s broader efforts to deepen Nigeria’s financial relationships across Asia. It followed engagements in Singapore and at the International Monetary Fund and World Bank annual meetings in Bangkok.
The Bank’s programme in China also includes bilateral discussions with the People’s Bank of China, engagements with the leadership of Industrial and Commercial Bank of China (ICBC), and meetings with Nigerian and Chinese businesses.
The programme is expected to extend to Guangzhou, where the CBN will hold a listening session with the Nigerian business community to examine financial challenges and explore ways to strengthen remittance channels and facilitate investment in Nigeria.