Cardoso seeks stronger Nigeria–China payment links to support trade and investment

BEIJING — Central Bank of Nigeria Governor Olayemi Cardoso has referred to as for stronger payment and settlement links between Nigeria and China to support trade, encourage investment and broaden monetary exercise between the 2 international locations.

Cardoso set out that ambition throughout an engagement with the management of the Industrial and Commercial Bank of China (ICBC), inserting the industrial outcomes of economic cooperation on the centre of discussions.

The Nigeria–China Cross-Border Finance Roundtable introduced collectively senior executives and financial-sector practitioners, with an agenda centred on cross-border transactions, treasury, trade finance and investment. Discussions examined settlement preparations, payment effectivity and the sensible constraints companies encounter when conducting transactions between the 2 international locations.

In remarks to the chairman and senior administration of the Industrial and Commercial Bank of China (ICBC), Cardoso outlined the broader financial ambition behind nearer monetary cooperation.

“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 mentioned.

Cardoso mentioned environment friendly payment and settlement preparations remained essential, together with the efficient use of present bilateral mechanisms. He inspired continued work to determine and handle sensible constraints.

He additionally highlighted ICBC’s potential contribution via its company relationships, institutional networks and worldwide attain. These may assist join Chinese monetary establishments with alternatives in Nigeria and determine boundaries to larger market participation.

The CBN Governor linked the discussions to Nigeria’s reform good points, saying three years of considerable reforms had strengthened confidence within the monetary system and created a extra predictable surroundings for investment and enterprise.

The CBN’s duty, he mentioned, was to keep a reputable, clear and well-functioning monetary surroundings, whereas working with counterparts to handle regulatory and institutional boundaries the place applicable.

Cardoso proposed that the ICBC discussions set up sensible priorities and designated groups for follow-up.

“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 mentioned.