Cardoso advances financial connectivity agenda to deepen Nigeria–China economic ties

Central Bank of Nigeria Governor Olayemi Cardoso has outlined an agenda for deeper financial connectivity with China to support greater trade, investment and business activity between the two economies.

The CBN’s engagements in Beijing connected discussions with financial institutions to the operating experience of executives and practitioners managing transactions across the Nigeria–China corridor.

During a meeting with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), Cardoso said closer financial cooperation should create the conditions for greater economic activity in both directions.

“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,” he said.

The programme also included the Nigeria–China Cross-Border Finance Roundtable, a specialist discussion focused on trade settlement, payments and business operations.

Bringing together senior executives and financial-sector practitioners, the session examined settlement arrangements, payment efficiency and operational constraints across the corridor. Its focus encompassed the responsibilities of those working in cross-border transactions, treasury, trade finance and investment.

At ICBC, Cardoso highlighted the importance of efficient payment and settlement arrangements, including the effective use of existing bilateral mechanisms. He said practical constraints should continue to be identified and addressed, with financial cooperation assessed through the activity it supports.

“Ultimately, the measure of success is not simply whether we have better financial mechanisms. It is whether those mechanisms enable greater transaction volumes, broader market participation and a more balanced financial relationship,” he said.

Cardoso identified ICBC’s corporate relationships, institutional networks and international reach as channels for connecting Chinese financial institutions with Nigerian opportunities and understanding barriers to participation. He highlighted investment in naira-denominated instruments as one avenue for broadening the relationship.

The Governor said Nigeria’s substantial commercial ties with China provided scope for stronger financial flows. CBN data showed significant trade-related payments from Nigeria to China, alongside comparatively limited export proceeds and investment flows into Nigeria.

He linked the opportunity for deeper cooperation to Nigeria’s stronger financial foundations, saying measures undertaken over the past three years had strengthened confidence and created a more predictable environment for investment and enterprise.

The priority was to consolidate those gains and translate greater stability into deeper financial markets, stronger investment and sustainable economic growth.

Cardoso reaffirmed the CBN’s responsibility to maintain a credible, transparent and well-functioning financial environment. He proposed that the ICBC discussions identify practical priorities and designated teams to advance cooperation, including work on regulatory and institutional barriers where appropriate.