Cardoso seeks stronger Nigeria–China payment links to support trade and investment

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BEIJING — Central Bank of Nigeria Governor Olayemi Cardoso has called for stronger payment and settlement links between Nigeria and China to support trade, encourage investment and broaden financial activity between the two countries.

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Cardoso set out that ambition during an engagement with the leadership of the Industrial and Commercial Bank of China (ICBC), placing the commercial results of financial cooperation at the centre of discussions.

The Nigeria–China Cross-Border Finance Roundtable brought together senior executives and financial-sector practitioners, with an agenda centred on cross-border transactions, treasury, trade finance and investment. Discussions examined settlement arrangements, payment efficiency and the practical constraints businesses encounter when conducting transactions between the two countries.

In remarks to the chairman and senior management of the Industrial and Commercial Bank of China (ICBC), Cardoso outlined the wider economic ambition behind closer financial cooperation.

“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 said efficient payment and settlement arrangements remained important, including the effective use of existing bilateral mechanisms. He encouraged continued work to identify and address practical constraints.

He also highlighted ICBC’s potential contribution through its corporate relationships, institutional networks and international reach. These could help connect Chinese financial institutions with opportunities in Nigeria and identify barriers to greater market participation.

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The CBN Governor linked the discussions to Nigeria’s reform gains, saying three years of substantial reforms had strengthened confidence in the financial system and created a more predictable environment for investment and enterprise.

The CBN’s responsibility, he said, was to maintain a credible, transparent and well-functioning financial environment, while working with counterparts to address regulatory and institutional barriers where appropriate.

Cardoso proposed that the ICBC discussions establish practical priorities and designated teams for follow-up.

“Ultimately, the measure of success is not simply whether we have better financial mechanisms. It is whether those mechanisms enable greater transaction volumes, broader market participation and a more balanced financial relationship,” he said.