CBN Governor engages business leaders to strengthen Nigeria–China financial ties
The Central Bank of Nigeria (CBN) has engaged Nigerian and Chinese business leaders in Beijing to explore ways to strengthen financial ties, improve cross-border transactions and boost investment flows between both countries.
The engagement, themed “Strengthening the Nigeria–China Financial Corridor,” was held on Wednesday, Oct. 21, at the Pan Pacific Beijing.
CBN Governor, Mr Olayemi Cardoso, said direct engagement with businesses was essential to understanding the opportunities and challenges affecting financial activities between Nigeria and China.
He said insights from the discussions would help inform efforts to deepen Nigeria’s financial markets and improve access to financial services and investment opportunities.
The CBN Deputy Governor for Economic Policy, Mr Philip Ikeazor, delivered the opening remarks, highlighting the need to translate improvements in Nigeria’s macroeconomic fundamentals into increased investment and stronger financial markets.
Nigeria’s Ambassador to China, Lt.-Gen. Abdulrahman Bello Dambazau (rtd.), also addressed participants.
Other speakers included the Chairperson of Blue Diamond Group, Mr Festus Mbisiogu, and the Chairperson of CIG Motors, Chief Diana Chen, who shared business perspectives on financial transactions and investment across the Nigeria–China corridor.
The interactive session provided an opportunity for participants to discuss practical challenges and opportunities in financial transactions between the two countries.
Key issues raised included the need for more efficient cross-border payment systems, stronger banking connectivity and the potential benefits of expanding the presence of Nigerian banks in China.
Participants also examined ways to facilitate financial flows and improve access to investment opportunities in Nigeria.
The roundtable featured a presentation on Nigeria’s economic reforms, improving macroeconomic fundamentals and emerging investment opportunities in the country’s financial markets.
In his closing remarks, Cardoso stressed the importance of translating stakeholder feedback into a clearer understanding of the financial and institutional issues requiring attention.
The CBN said the insights gathered would guide its continued engagement with relevant financial institutions and regulatory counterparts to identify practical areas of cooperation within its mandate.
The Beijing meeting forms part of the CBN’s broader strategy to strengthen Nigeria’s financial relationships across Asia.
Following engagements in Singapore and at the IMF/World Bank Annual Meetings in Bangkok, the Bank’s programme in China includes bilateral discussions with the People’s Bank of China, engagement with the leadership of the Industrial and Commercial Bank of China (ICBC), and meetings with Nigerian and Chinese businesses.
The programme is also expected to extend to Guangzhou, where the CBN will hold a listening session with Nigerian business operators to understand their financial challenges and explore ways to strengthen remittance channels and facilitate investment in Nigeria.
