The Central Bank of Nigeria is working to deepen financial connections with China by tackling obstacles to cross-border payments, expanding banking relationships and opening up investment channels between the two countries. Olayemi Cardoso, the CBN governor, outlined this push at a high-level business and financial roundtable in Beijing on October 21, 2026, bringing together Nigerian and Chinese business leaders to discuss how to expand financial links and overcome practical challenges that hamper transactions between the markets.
The event, titled "Strengthening the Nigeria-China Financial Corridor" and held at the Pan Pacific Beijing, created a space for businesses operating across both countries to share their experiences and pinpoint areas where stronger financial cooperation could support trade, investment and access to financial services. Cardoso stressed the value of engaging directly with the private sector to understand the opportunities and constraints affecting financial activity between Nigeria and China, particularly those that could shape efforts to build deeper and more accessible financial markets.
Discussion at the roundtable centred on the need for more efficient cross-border payment systems, improved banking connections and the potential benefits of expanding Nigerian banking operations in China. Philip Ikeazor, the CBN's deputy governor for economic policy, delivered opening remarks outlining the roundtable's objectives and the importance of converting stronger macroeconomic fundamentals into increased investment and more developed financial markets. Participants included Nigeria's Ambassador to China, Lt. Gen. Abdulrahman Bello Dambazau (rtd), alongside business leaders including Festus Mbisiogu, chairperson of Blue Diamond Group, and Chief Diana Chen, chairperson of CIG Motors.
An interactive listening session formed the centrepiece of the roundtable, allowing participants to discuss prospects for greater financial activity and the practical difficulties they encounter when conducting transactions between the two countries. The event also included a presentation on Nigeria's economic reform progress, improved macroeconomic fundamentals and emerging investment opportunities in the country's financial markets. However, the statement did not announce any specific new payment arrangement or banking agreement.
For businesses operating in both Nigeria and China, improved financial connectivity could reduce transaction challenges, facilitate investment flows and expand access to financial services. The Beijing meeting is part of the CBN's wider strategy to deepen Nigeria's financial relationships across Asia, following previous engagements in Singapore and at the IMF and World Bank Annual Meetings in Bangkok. The CBN's China programme includes bilateral discussions with the People's Bank of China, engagement with the Industrial and Commercial Bank of China leadership, and further meetings with Nigerian and Chinese businesses. The engagements will extend to Guangzhou, where the CBN plans to hold a listening session with the Nigerian business community to understand financial challenges, explore ways to strengthen remittance channels and facilitate investment into Nigeria.