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The Central Bank of Nigeria (CBN) has stepped up efforts to deepen Nigeria’s financial ties with Singapore and other Asian markets.
The CBN Governor, Olayemi Cardoso, made the move during a series of engagements in Singapore on his way to the IMF- World Bank Annual Meetings in Bangkok, according to a statement from the apex bank.
The engagements included a meeting with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria-Asia Financial Connectivity Dialogue.
The CBN organised the dialogue in partnership with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The engagements focused on strengthening financial-market development, attracting investment and promoting financial innovation between Nigeria and Asia. During the meeting with MAS, the CBN delegation discussed financial-sector development, regulation, market connectivity and innovation.
The two sides also explored areas where stronger institutional cooperation could support financial-market development and the use of emerging technologies. The CBN and GFTN later signed an MoU to promote cooperation in financial innovation.
CBN said the agreement will provide a framework for connecting institutions and innovation ecosystems in Nigeria and Singapore and identifying areas for practical cooperation.
Speaking at the Nigeria-Asia Financial Connectivity Dialogue in Singapore, Cardoso said Nigeria was working to build deeper, more liquid and internationally connected financial markets.
He said reforms in the foreign exchange market were aimed at removing distortions, improving transparency and restoring confidence among market participants.
“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 operations and predictable rules were important to attracting long-term investment.
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He said the stabilisation of the economy should provide the foundation for greater participation by institutional investors and stronger links with international financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
The panel discussion was moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo.
It featured NGX Group Managing Director/CEO, Temi Popoola; FMDQ 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 participants discussed Nigeria’s economic reforms, capital formation, foreign exchange market, development of deeper financial markets and the infrastructure needed to attract more international investors.
Cardoso said Nigeria’s engagement with Asia was not only about attracting investment, but also about building lasting relationships between financial institutions, businesses and markets.
He identified opportunities for stronger links between Nigerian and Asian banks, improved payment and settlement systems and greater participation by Nigerians living and working in the region.
The governor also highlighted the role of financial technology and artificial intelligence in improving financial services, managing risks, promoting financial inclusion and strengthening regulation.
“The Singapore engagements are part of a wider programme of meetings across Asia, including further engagements in Beijing,” the statement added.
