By Oluwakemi Kindness
The Central Bank of Nigeria (CBN) is exploring ways to improve cross-border payments and banking connections between Nigeria and China following concerns raised by businesses over financial transactions between the two countries.
CBN Governor, Olayemi Cardoso, stated this at a business and financial roundtable in Beijing, where Nigerian and Chinese business leaders discussed barriers to financial flows and investment between the two economies.
A ststement on Thursday by the bank says the roundtable, themed “Strengthening the Nigeria–China Financial Corridor,” focused on opportunities to deepen Nigeria’s financial markets and improve financial connectivity between both countries.
According to the statement participants identified inefficient cross-border payment arrangements and the need for stronger banking relationships as key issues affecting financial transactions.
They also discussed the potential benefits of expanding the presence of Nigerian banks in China to facilitate financial flows and improve access to financial services and investment opportunities.
Deputy Governor for Economic Policy at the CBN, Philip Ikeazor, said stronger macroeconomic fundamentals needed to translate into increased investment and deeper financial markets.
The statement added that Nigeria’s Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), also addressed the meeting, alongside business representatives Festus Mbisiogu, Chairperson of Blue Diamond Group, and Chief Diana Chen, Chairperson of CIG Motors.
Cardoso said the engagement would help the CBN better understand the opportunities and constraints affecting financial activity between Nigeria and China.
The bank said insights from the discussions would inform further engagement with financial institutions and regulatory counterparts on practical areas of cooperation.
The Beijing meeting forms part of the CBN’s broader engagement with Asian markets.
The programme also includes discussions with the People’s Bank of China, meetings with Industrial and Commercial Bank of China (ICBC) leadership and a planned session with Nigerian businesses in Guangzhou to explore remittance and investment challenges.
