Nigeria is seeking stronger financial ties with Asia to attract long-term investment and deepen cross-border market participation, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso said on Friday.
Speaking at the Nigeria‑Asia Financial Connectivity Dialogue in Singapore — held ahead of the IMF and World Bank annual meetings in Bangkok — Cardoso said recent reforms in Nigeria’s foreign exchange market aim to remove distortions, restore transparency and rebuild confidence in the financial system.
“The real test of reform is not whether you can attract capital once; it is whether you create the confidence for capital to stay, return and grow,” he said.
Cardoso said credible monetary policy, stronger governance, improved market functioning and predictable rules are necessary to attract sustained investment from domestic and international investors. Stabilising the economy, he added, is a foundation for deeper financial markets and greater participation by long-term institutional investors.
The CBN convened the dialogue in collaboration with JPMorgan, the Nigerian Exchange Group (NGX Group) and FMDQ Group. The event brought together investors, financial institutions and members of the Nigerian diaspora in Asia to explore investment opportunities and linkages between Nigerian and Asian markets.
As part of the Singapore visit, the CBN signed a memorandum of understanding with the Global Finance & Technology Network (GFTN) to promote cooperation on financial innovation. The governor also held discussions with the Monetary Authority of Singapore on financial‑sector development, regulation, market connectivity and innovation.
Cardoso highlighted opportunities to strengthen ties between Nigerian and Asian banks, improve cross‑border payment and settlement channels, and increase participation by Nigerians living and working across the region. He also noted the growing role of financial technology in improving services, risk management and financial inclusion.
Panelists included Temi Popoola, group managing director and chief executive officer of NGX Group; Zeal Akaraiwe, group managing director and chief executive officer of FMDQ Group; Aderinola Shonekan, CBN director of trade and exchange; and Olumayokun Ajibade, special adviser to the governor on financial markets and economic policy. The discussion, moderated by Gbolahan Taiwo, JPMorgan’s chief economist for Africa, focused on Nigeria’s reform programme, capital formation and the development of deeper, more liquid markets.
