Cardoso Forges Stronger Banking, Payments Ties with China

Central Bank of Nigeria (CBN) says it is seeking more efficient cross-border payment systems, stronger banking relationships, and an expanded Nigerian banking presence in China to ease financial transactions and unlock investment opportunities between the two economies.

The initiative formed the central part of discussions at a business and financial roundtable convened by CBN in Beijing.

CBN Governor, Mr. Olayemi Cardoso, engaged Nigerian and Chinese business leaders on practical obstacles limiting financial flows between the two countries.

The meeting, held at Pan Pacific Beijing, under the theme, “Strengthening the Nigeria–China Financial Corridor,” focused on translating business opportunities into more effective financial connections, with participants highlighting the need to improve payment arrangements and access to banking services across both markets.

The engagement came as CBN intensified efforts to strengthen the country’s financial relationships across Asia, with a focus on addressing institutional and operational constraints that could impede trade, remittances, and investment.

At the roundtable, Cardoso stressed the importance of hearing directly from businesses operating across the two markets to identify the challenges confronting financial transactions and determine areas where improvements could support deeper financial market development.

He underscored the importance of using the feedback from businesses to develop a clearer understanding of the financial and institutional constraints affecting transactions between Nigeria and China.

CBN said the insights gathered would inform its continued engagement with relevant financial institutions and regulatory counterparts, with attention to practical areas of cooperation within its mandate.

Deputy Governor for Economic Policy, Mr. Philip Ikeazor, set the tone for the discussion, outlining the objectives of the engagement and the need to translate improvements in Nigeria’s macroeconomic fundamentals into stronger investment activity and more developed financial markets.

Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), also addressed the gathering, alongside business representatives, including Chairperson of Blue Diamond Group, Festus Mbisiogu, and Chairperson of CIG Motors, Chief Diana Chen.

According to a statement by the apex bank, the interactive session provided an opportunity for business operators to share their experiences with financial transactions between Nigeria and China, drawing attention to areas where closer banking cooperation and improved financial infrastructure could ease business operations.

Among the issues raised were the need for more efficient cross-border payment arrangements, stronger links between financial institutions, and the potential benefits of expanding the presence of Nigerian banks in China.

Participants also examined opportunities to improve access to financial services and investment channels, with discussions centred on practical measures that could facilitate financial flows between the two countries.

The roundtable also featured a presentation on Nigeria’s economic reforms, improving macroeconomic conditions, and emerging opportunities in the country’s financial markets, providing context for discussions on attracting investment and expanding financial cooperation.

The Beijing meeting forms part of the bank’s wider push to deepen financial connectivity across Asia, following engagements in Singapore and at the IMF/World Bank Annual Meetings in Bangkok.

The China programme also included bilateral discussions with the People’s Bank of China, engagements with the leadership of Industrial and Commercial Bank of China (ICBC), and further consultations with Nigerian and Chinese businesses.

CBN was also scheduled to extend the engagement to Guangzhou, where it would hold a listening session with Nigerian business operators to identify financial challenges and explore ways to strengthen remittance channels and facilitate investment into Nigeria.