Central Bank of Nigeria (CBN) Governor Olayemi Cardoso is seeking to attract more Chinese investment into Nigeria’s financial markets, as the country looks to strengthen economic ties with China beyond trade and cross-border payments.
Cardoso made the call during discussions with the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), where he highlighted opportunities for Chinese financial institutions to invest in Nigerian financial instruments, including those denominated in naira.
The CBN governor said Nigeria’s recent economic and financial reforms had helped strengthen confidence in the country’s financial system and create a more predictable environment for investors.
He stressed the need to build on these improvements by encouraging greater investment, expanding financial markets and supporting sustainable economic growth.
According to Cardoso, Nigeria’s relationship with China should extend beyond making payments for goods and services
He said stronger financial cooperation should generate increased investment and encourage more balanced financial flows between both economies.
“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.
Nigeria and China maintain substantial commercial relations, with Nigerian businesses relying on Chinese suppliers for various imported goods and industrial inputs.
However, Cardoso noted that trade-related payments from Nigeria to China remained significant compared with the relatively limited export proceeds and investment flows coming into Nigeria.
He said greater participation by Chinese financial institutions in Nigeria’s markets could help address this imbalance by creating additional channels for capital to enter the Nigerian economy.
Investment in naira-denominated instruments is one area the CBN hopes to develop.
Such investments could provide Chinese financial institutions with greater exposure to Nigeria’s domestic financial markets while helping expand the pool of investors participating in local instruments.
However, attracting foreign investors will depend partly on their assessment of currency risks, market conditions, regulatory clarity and the ability to move funds efficiently. Sustaining confidence in Nigeria’s financial system will therefore remain important to efforts to secure longer-term investment.
Cardoso also highlighted the potential role of ICBC in connecting its international network and corporate relationships with investment opportunities in Nigeria.
He said closer engagement could help identify obstacles preventing Chinese institutions from participating more actively in the country’s financial markets.
Beyond investment, Nigeria is also pursuing stronger banking relationships and more efficient cross-border payment arrangements with China.
At a financial roundtable in Beijing, Nigerian and Chinese business leaders discussed challenges affecting transactions between the two countries, including payment efficiency, settlement arrangements and access to financial services.
The discussions are intended to help the CBN understand the practical difficulties businesses face when conducting transactions across the Nigeria–China corridor.
Feedback from participants is expected to inform further engagement with financial institutions and relevant regulatory authorities.
For Nigerian businesses, improved financial connections could make it easier to settle international transactions, manage trade payments and access financial services.
Nevertheless, the extent of these benefits will depend on the specific arrangements eventually developed and how effectively they address existing challenges.
Cardoso said the CBN would continue working to maintain a credible, transparent and well-functioning financial environment while cooperating with international partners to address regulatory and institutional barriers where necessary.
He also proposed identifying practical priorities and assigning teams to advance discussions with Chinese institutions, indicating that the success of the engagement would be measured by increased transactions, broader market participation and stronger investment flows.
The renewed focus on China forms part of Nigeria’s wider effort to deepen financial relationships with Asian markets.
For the country, the challenge will be to translate diplomatic and institutional engagements into tangible investment, stronger financial markets and improved opportunities for businesses operating across both economies.
