CBN, Chinese companies move to strengthen Nigeria-China financial partnership

The Central Bank of Nigeria (CBN) has convened a high-level business and financial roundtable in Beijing as part of efforts to deepen financial cooperation between Nigeria and China and unlock greater investment opportunities.

The engagement, held on Wednesday at the Pan Pacific Beijing and themed “Strengthening the Nigeria–China Financial Corridor,” brought together Nigerian and Chinese business leaders, financial institutions and policymakers to identify practical measures for improving cross-border financial flows and expanding investment channels between both countries.

Speaking at the event, CBN Governor Olayemi Cardoso said direct engagement with businesses was essential to understanding the challenges and opportunities shaping financial activities between Nigeria and China.

According to him, the insights from stakeholders would help the apex bank develop deeper, more accessible financial markets while strengthening economic ties between the two countries.

“The importance of engaging directly with businesses is to better understand the opportunities and constraints affecting financial activity between Nigeria and China, particularly those that could inform efforts to develop deeper, more accessible financial markets,” Cardoso said.

Cardoso added that the discussions would guide the CBN’s future engagement with financial institutions and regulatory authorities in both countries, with a focus on practical areas of collaboration.

Deputy Governor for Economic Policy, Philip Ikeazor, delivered the opening remarks, highlighting the need to translate Nigeria’s improving macroeconomic fundamentals into increased investment inflows and stronger financial markets.

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Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (retd.), also addressed participants, alongside business leaders including Festus Mbisiogu, Chairman of Blue Diamond Group, and Chief Diana Chen, Chairperson of CIG Motors.

During an interactive session, participants identified key challenges affecting financial transactions between Nigeria and China, including inefficient cross-border payment systems, limited banking connectivity and the need for a stronger presence of Nigerian banks in China.

They also discussed ways to improve access to financial services, facilitate investment and enhance financial flows between both economies.

The roundtable featured presentations on Nigeria’s ongoing economic reforms, improving macroeconomic indicators and emerging investment opportunities in the country’s financial markets.