Cardoso engages business leaders on strengthening Nigeria–China financial corridor
Omeiza Bilal
The Central Bank of Nigeria (CBN) convened a high-level business and financial roundtable in Beijing on Wednesday, bringing together Nigerian and Chinese business leaders to explore opportunities to deepen Nigeria’s financial markets and identify practical barriers to stronger financial flows between the two economies.
The engagement, themed “Strengthening the Nigeria–China Financial Corridor,” was held at the Pan Pacific Beijing and provided a platform for businesses operating across both markets to share firsthand experiences and discuss how financial connectivity, banking relationships and investment channels could be strengthened.
Governor of the CBN, Olayemi Cardoso, emphasised the importance of engaging directly with businesses to 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.
Philip Ikeazor, Deputy Governor for Economic Policy at the CBN, delivered the opening remarks, setting out the objectives of the engagement and the importance of translating stronger macroeconomic fundamentals into increased investment and more developed financial markets.
Nigeria’s Ambassador to the People’s Republic of China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), also addressed participants. Other speakers included Festus Mbisiogu, Chairperson of Blue Diamond Group, and Chief Diana Chen, Chairperson of CIG Motors, who brought perspectives from businesses operating across the Nigeria–China corridor.
At the heart of the engagement was an interactive listening session in which participants discussed opportunities for greater financial activity and the practical challenges encountered in conducting transactions between the two countries.
Issues raised included the need for more efficient cross-border payment arrangements, stronger banking connectivity, and the potential benefits of a larger Nigerian banking presence in China. These were considered alongside broader opportunities to facilitate financial flows and to improve access to financial services and investment opportunities in Nigeria.
The engagement also featured a presentation on Nigeria’s economic reform progress, improved macroeconomic fundamentals, and emerging investment opportunities in the country’s financial markets.
Cardoso delivered closing reflections, underscoring the importance of translating stakeholder engagement into a clearer understanding of the financial and institutional issues requiring attention.
The insights gathered are expected to inform the CBN’s continued engagement with relevant financial institutions and regulatory counterparts, focusing on practical areas for cooperation within the Bank’s mandate.
The Beijing roundtable is part of the CBN’s broader strategy to deepen Nigeria’s financial relationships across Asia. Following engagements in Singapore and at the IMF/World Bank Annual Meetings in Bangkok, the Bank’s China programme includes bilateral discussions with the People’s Bank of China, engagement with ICBC leadership, and meetings with Nigerian and Chinese businesses.
The programme will also extend to Guangzhou, where the CBN will hold a listening session with the Nigerian business community to better understand financial challenges and explore opportunities to strengthen remittance channels and facilitate investment in Nigeria.
