••Technical teams from both countries expected to explore settlement options
—Cardoso also discusses Nigeria’s outlook with global credit-rating agencies
Central Bank of Nigeria Governor Olayemi Cardoso says Nigeria will seek closer financial cooperation with China, including improved cross-border payment arrangements, during an upcoming visit to Beijing.
Speaking at a news conference after Nigeria’s engagements at the 2026 annual meetings of the International Monetary Fund and World Bank Group in Bangkok, Thailand, Cardoso said he had held preliminary talks with People’s Bank of China Governor Pan Gongsheng.
“Nigeria will build on these discussions during an upcoming visit to Beijing, with emphasis on facilitating cross-border payments, supporting trade and investment, and strengthening financial intermediation between the two countries,” Cardoso said.
The discussions focused on ways to improve payment and settlement systems, expand trade finance and encourage greater use of financial technology. The CBN hopes closer cooperation could make it easier for Nigerian and Chinese businesses to complete transactions.
Cardoso also pointed to the potential for Chinese investment in Nigeria’s financial markets. He said that, despite the depth of China’s capital markets, investment in Nigerian financial instruments had remained limited.
Technical discussions during the Beijing visit are expected to involve the two central banks, commercial lenders and fintech companies. The talks are intended to identify practical options for trade settlement and financial cooperation.
During the Bangkok meetings, the CBN delegation also met with credit-rating agencies, including Standard & Poor’s and Moody’s, to discuss Nigeria’s economic outlook.
Cardoso took part in discussions on central-bank policy and communication, including reforms to Nigeria’s monetary policy framework. He also called on African countries to take a more active role in developing artificial intelligence and capturing value from the technology.
Any agreements reached in Beijing could help reduce the cost and complexity of payments between the two countries. The details and potential effects of the proposed arrangements have yet to be announced.
