Nigeria invites Chinese banks to invest in its financial markets
By the AFREEQUE newsroom, based on Vanguard
Central Bank of Nigeria Governor Olayemi Cardoso has proposed increasing Chinese financial institutions’ participation in Nigerian markets, particularly through naira-denominated investments. In talks with ICBC executives, he presented the cooperation as a way to strengthen investment and financial flows between the two countries, Vanguard reports.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has proposed that the Industrial and Commercial Bank of China (ICBC) increase the participation of Chinese financial institutions in Nigerian markets, including through investments in naira-denominated instruments, according to the daily Vanguard. He presented the proposal during talks with the Chinese bank’s chairman and executives.
Cardoso called on ICBC to mobilise its institutional networks and corporate relationships to identify barriers to investor participation and turn commercial interest into investment. The Central Bank of Nigeria also plans to appoint teams to continue discussions and work with its partners on regulatory and institutional challenges.
The governor said Central Bank of Nigeria data showed significant payments from Nigeria to China linked to trade, but comparatively limited export receipts and investment flows into Nigeria. He wants investment in financial markets to complement existing commercial ties.
The proposal follows the Central Bank of Nigeria’s call to attract Chinese capital, reported on 18 October. Cardoso presented financial stability and market transparency as conditions for expanding investment flows in both directions.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
