Cardoso puts Nigerian financial markets at centre of deeper investment ties with China

Central Bank of Nigeria Governor Olayemi Cardoso has identified investment in Nigerian financial markets, including naira-denominated instruments, as a key opportunity to deepen financial ties with China.

During discussions with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), Cardoso outlined how greater participation by Chinese financial institutions could broaden the relationship between the two economies.

He said Nigeria’s stronger financial foundations provided a more predictable environment for investment and enterprise. The priority was to consolidate stability and translate it into deeper markets, stronger investment and sustainable economic growth.

“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 said.

Cardoso identified greater participation by Chinese financial institutions in Nigerian markets as a practical opportunity to broaden the relationship.

“We believe there is considerable scope to broaden this relationship, particularly by encouraging greater participation by Chinese financial institutions in Nigeria’s markets, including investment in naira-denominated instruments,” he said.

The Governor outlined a role for ICBC in connecting its institutional networks with Nigerian investment opportunities. Its corporate relationships and international reach could help identify barriers to participation and translate commercial interest into financial activity.

Nigeria and China already have substantial commercial ties. Cardoso said CBN data showed significant trade-related payments from Nigeria to China, alongside comparatively limited export proceeds and investment flows into Nigeria.

Broader financial-market participation would add an investment dimension to a relationship heavily shaped by trade payments.

Cardoso also set out the CBN’s responsibility: maintaining a credible, transparent and well-functioning financial environment, while working with counterparts to address regulatory and institutional barriers where appropriate.

He proposed practical priorities and designated teams to carry the discussions forward. The measure of success, he said, would be greater transaction volumes, broader market participation and a more balanced financial relationship.