Business leaders operating between Nigeria and China have called for more efficient cross-border payments and stronger banking ties, highlighting financial barriers that affect transactions between the two countries.
The concerns were raised at a roundtable convened by the Central Bank of Nigeria (CBN) in Beijing on Wednesday, where participants also discussed the potential benefits of a larger Nigerian banking presence in China.
According to a CBN statement, the engagement brought together Nigerian and Chinese business leaders to examine obstacles to financial flows and opportunities to improve access to banking services and investment.
CBN’s governor, Olayemi Cardoso, said direct engagement with businesses would help the bank understand the constraints affecting financial activity between the two countries and identify issues requiring attention.
The discussions covered cross-border payment arrangements, banking relationships, and investment channels, against the backdrop of an existing currency swap arrangement intended to support trade and investment between the two countries.
Nigeria and China renewed the agreement in December 2024 for another three years. The facility was valued at 15 billion yuan, approximately N3.28 trillion at the time, and was designed to expand the use of both countries’ currencies in bilateral transactions.
The arrangement gives businesses a channel to access naira and yuan for eligible transactions, reducing reliance on the US dollar as an intermediary currency.
The CBN said insights from the roundtable would inform further engagement with financial institutions and regulatory counterparts on practical areas of cooperation within its mandate.
The meeting, held at the Pan Pacific Beijing, included an interactive session where participants shared their experiences of conducting business across both markets. Among the issues discussed was whether a larger Nigerian banking presence in China could improve financial connectivity and access to services.
Stronger banking relationships can help businesses arrange payments, obtain trade finance and receive funds across borders.
For now, there is no mention of a commitment to establish new branches, subsidiaries or correspondent banking arrangements.
The engagement also featured a presentation on Nigeria’s economic reforms and investment opportunities in its financial markets.
The CBN described macroeconomic conditions as having improved, but the statement did not provide figures supporting that assessment or announce investment commitments arising from the meeting.
Nigeria’s ambassador to China, Abdulrahman Dambazau, addressed participants, alongside Blue Diamond Group Chairperson Festus Mbisiogu and CIG Motors Chairperson Diana Chen.
The CBN said its China programme also included bilateral discussions with the People’s Bank of China and engagement with the leadership of the Industrial and Commercial Bank of China.
The programme will extend to Guangzhou, where the bank plans to meet members of the Nigerian business community to discuss financial challenges, remittance channels and investment in Nigeria.
That session is expected to provide further information on the difficulties Nigerians operating in China encounter when moving money between the two countries.
The bank said the China engagements formed part of a broader effort to strengthen Nigeria’s financial relationships across Asia, following meetings in Singapore and participation in the IMF/World Bank Annual Meetings in Bangkok.
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