The Central Bank of Nigeria (CBN) has begun consultations with Chinese businesses and financial institutions to address barriers to cross-border payments and strengthen investment flows between Nigeria and China.
The initiative formed part of a high-level business and financial roundtable convened by the apex bank in Beijing on Wednesday, aimed at identifying practical measures to improve financial connectivity and expand economic cooperation between the two countries.
The meeting, held at the Pan Pacific Beijing under the theme, “Strengthening the Nigeria–China Financial Corridor,” brought together business executives, financial institutions, policymakers and other stakeholders from both countries.
Speaking at the event, CBN Governor Olayemi Cardoso said direct engagement with businesses would help the bank understand the challenges affecting financial transactions and identify opportunities for building more accessible and efficient financial markets.
He explained that feedback from participants would inform the apex bank’s engagement with financial institutions and regulatory authorities in Nigeria and China, particularly in areas requiring stronger cooperation.
“The importance of engaging directly with businesses is to better understand the opportunities and constraints affecting financial activity between Nigeria and China, particularly those that could inform efforts to develop deeper, more accessible financial markets,” Cardoso said.
The discussions focused on challenges affecting financial transactions between the two economies, including inefficient cross-border payment systems, limited banking connectivity and the need to strengthen the presence of Nigerian banks in China.
Participants also explored measures to improve access to financial services, facilitate investment transactions and ensure smoother movement of funds between businesses operating in both markets.
Deputy Governor for Economic Policy at the CBN, Philip Ikeazor, delivered the opening remarks, stressing the importance of translating Nigeria’s improving macroeconomic fundamentals into stronger investment inflows and more developed financial markets.
Nigeria’s Ambassador to China, Lieutenant-General Abdulrahman Bello Dambazau (retd.), also addressed the participants.
Other business leaders at the roundtable included Festus Mbisiogu, Chairman of Blue Diamond Group, and Chief Diana Chen, Chairperson of CIG Motors.
The meeting featured presentations on Nigeria’s ongoing economic reforms, improvements in key macroeconomic indicators and emerging investment opportunities in the country’s financial markets.
The CBN said the engagement was designed to identify concrete areas of collaboration that could strengthen financial links between the two countries and support broader trade and investment activities.
The initiative comes amid efforts by Nigeria and China to deepen their economic relationship, with more efficient payment channels and stronger banking connections expected to help businesses navigate cross-border transactions and explore investment opportunities.
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