Nigeria Central Bank Governor Seeks Chinese Investment in Beijing

Central Bank of Nigeria Governor Olayemi Cardoso led a series of financial engagements in Beijing to deepen investment ties and improve cross-border payment connectivity between Nigeria and China. During meetings with the Industrial and Commercial Bank of China and a business roundtable, Cardoso advocated for increased Chinese investment in Nigerian financial markets, specifically naira-denominated instruments.

Cardoso proposed designating specific teams to identify priorities and address regulatory and institutional barriers to improve payment efficiency and settlement arrangements. He noted that while trade-related payments from Nigeria to China are significant, investment flows into Nigeria remain limited. This initiative seeks to address a trade imbalance where Nigerian payments to China are substantial compared to modest export earnings and investment inflows.

While the two nations established a currency swap agreement in 2018 to facilitate trade, current discussions focus on expanding cooperation to make financial transactions more efficient. The program includes bilateral discussions with the People's Bank of China and a planned listening session with the Nigerian business community in Guangzhou to address remittance channels and investment barriers.