Cardoso Woos Chinese Investors, Says Nigeria’s Stability Now Ripe for Naira Assets
Nigeria’s reform-driven stability is laying the groundwork for deeper Chinese investment, with Central Bank of Nigeria Governor, Olayemi Cardoso, making a direct pitch for Chinese financial institutions to increase participation in Nigeria’s financial markets, including naira-denominated instruments.
Cardoso made the call during a high-level meeting with the Chairman and senior management of the Industrial and Commercial Bank of China (ICBC) on October 22.
According to the CBN Governor, Nigeria’s priority has shifted from achieving stability to converting that stability into tangible capital flows, expanded investment and sustainable growth.
“Our ambition is not simply to make financial transactions between Nigeria and China easier. It is to create the conditions for more transactions, greater investment and stronger financial flows in both directions,” Cardoso said.
He disclosed that three years of substantial economic and financial reforms have restored confidence in Nigeria’s financial system and created a more predictable environment for business, adding that the focus is now on deepening markets and economic activity.
“We believe there is considerable scope to broaden this relationship, particularly by encouraging greater participation by Chinese financial institutions in Nigeria’s markets, including investment in naira-denominated instruments,” he told the ICBC delegation.
While acknowledging the already substantial commercial ties between both countries, Cardoso pointed to a structural imbalance in the financial relationship. CBN data, he said, shows significant trade-related payments from Nigeria to China, but comparatively limited export proceeds and investment flows back into Nigeria.
He argued that strategic engagement with ICBC, given its vast corporate relationships and global network, could unlock new financing channels, connect Chinese investors to Nigerian opportunities and help correct the imbalance.
The Governor sought ICBC’s perspective on barriers limiting Chinese participation in Nigeria’s markets and areas where institutional cooperation could make a practical difference.
He assured that the CBN would continue to maintain a credible, transparent and well-functioning financial system while working with counterparts to address regulatory and institutional bottlenecks.
As next steps, Cardoso proposed that both sides identify practical priorities and assign dedicated teams to advance the discussions, with success to be measured by higher transaction volumes, broader market participation and stronger two-way financial flows.
The move signals a deliberate push by the CBN to translate improved macroeconomic indicators into foreign direct investment, positioning Nigeria to extract more investment value from its longstanding trade relationship with China.
