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From Adanna Nnamani, Abuja
The Central Bank of Nigeria (CBN) has stepped up efforts to strengthen Nigeria’s financial and investment links with Asia, with Governor Olayemi Cardoso holding high-level engagements in Singapore on financial markets, innovation and cross-border connectivity.
Cardoso’s engagements, held en route to the IMF-World Bank Annual Meetings in Bangkok, included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and a Nigeria-Asia Financial Connectivity Dialogue.
The activities were aimed at translating Nigeria’s financial sector reforms into stronger international partnerships, deeper markets and improved channels for investment, trade and financial innovation.
During the meeting with MAS, the CBN delegation discussed financial-sector development, regulation, market connectivity and innovation, while exploring areas of mutual interest and possible institutional cooperation between Nigeria and Singapore.
The CBN and GFTN subsequently signed an MoU to establish a framework for cooperation on financial innovation.
The agreement is expected to facilitate collaboration among relevant institutions and innovation ecosystems in both countries and help identify practical opportunities for cooperation in financial technology and related areas.
At the Nigeria-Asia Financial Connectivity Dialogue, hosted at J.P. Morgan’s Singapore offices, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets.
He said the reforms implemented in recent years, particularly in the foreign exchange market, were designed to remove distortions, improve transparency and restore confidence in the market.
“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,” Cardoso said.
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The CBN governor said credible monetary policy, stronger governance, improved market operations and predictable rules were essential to attracting and retaining both domestic and international investment.
He added that stabilising the financial system was not an end in itself but a foundation for increased participation by long-term investors, stronger market infrastructure and better links with global financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
A panel discussion moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, featured NGX Group Group Managing Director/CEO, Temi Popoola; FMDQ Group Group Managing Director/CEO, Zeal Akaraiwe; CBN Director of Trade and Exchange, Aderinola Shonekan; and Special Adviser to the Governor on Financial Markets and Economic Policy, Olumayokun Ajibade.
The panel examined Nigeria’s reform programme, capital formation, foreign exchange market confidence and the development of deeper markets capable of attracting sustained international participation.
Cardoso said Nigeria’s engagement with Asia would go beyond attracting investment flows to building long-term relationships among financial institutions, markets, businesses and Nigerians across the region.
He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payment and settlement systems, and increased participation by Nigerians living and working in Asia.
The governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, promoting financial inclusion and enhancing regulatory capacity.
The Singapore engagements are part of a broader CBN programme of institutional and market engagement across Asia, with further meetings scheduled in Beijing.
