The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has identified investment in Nigerian financial markets, including naira-denominated instruments, as a key opportunity to deepen financial ties with China.
Cardoso told the chairman and senior management of the Industrial and Commercial Bank of China (ICBC) that greater participation by Chinese financial institutions could broaden the relationship between the two economies.
He said that Nigeria’s stronger financial foundations provided a more predictable environment for investment and enterprise.
According to him, the priority is 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,” local media reports quoted Cardoso as saying.
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.
The reports added that Nigeria and China already have substantial commercial ties and that the CBN data showed significant trade-related payments from Nigeria to China, alongside comparatively limited export proceeds and investment flows into Nigeria.
GIK/APA