The Central Bank of Nigeria is pursuing closer financial cooperation with China to reduce obstacles to cross-border payments, expand banking relationships and make it easier for businesses in both countries to trade and invest.
CBN Governor Olayemi Cardoso outlined the priorities at a financial roundtable in Beijing themed “Strengthening the Nigeria–China Financial Corridor.” Nigerian and Chinese business leaders discussed payment delays, access to banking services and the possibility of increasing the presence of Nigerian banks in China.
The central bank said feedback from the discussions would guide its engagement with financial institutions and regulators. Deputy Governor for Economic Policy Philip Ikeazor emphasized the need to translate improvements in macroeconomic conditions into practical opportunities for investment and financial market development.
Nigeria’s ambassador to China, retired Lieutenant General Abdulrahman Bello Dambazau, attended the meeting, alongside business representatives including Festus Mbisiogu of Blue Diamond Group and Diana Chen of CIG Motors.
The programme also involved consultations with the People’s Bank of China and Industrial and Commercial Bank of China. Further engagement with Nigerian business operators was planned for Guangzhou to identify challenges involving remittances and investment flows.
The Beijing talks form part of the CBN’s broader outreach to Asian financial centers. No specific new payment agreement or bank licensing decision was announced in the account of the meeting.
