The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called for stronger financial and institutional ties between Nigeria and Asia as part of efforts to deepen investment, financial market development and innovation.
Cardoso made the call during a series of high level engagements in Singapore while on his way to the IMF–World Bank Annual Meetings in Bangkok.
The engagements included meetings with the Monetary Authority of Singapore, the signing of a Memorandum of Understanding with the Global Finance & Technology Network, and the Nigeria–
Asia Financial Connectivity Dialogue, organised by the CBN in partnership with J.P. Morgan, Nigerian Exchange Group and FMDQ Group.
The CBN said the engagements were aimed at building stronger international partnerships and creating practical channels for investment, trade and financial innovation.
During discussions with the Monetary Authority of Singapore, the CBN delegation exchanged views on financial sector development, regulation, market connectivity and innovation.
The meeting also provided an opportunity for both sides to explore areas where institutional cooperation could support financial market development and the adoption of emerging technologies.
As part of efforts to deepen cooperation, the CBN and GFTN signed an MoU establishing a framework for collaboration in financial innovation.
The agreement is expected to facilitate connections between relevant institutions and innovation ecosystems in Nigeria and Singapore while identifying areas for practical cooperation.
Speaking at the Nigeria–Asia Financial Connectivity Dialogue held at J.P. Morgan’s Singapore offices, Cardoso said Nigeria’s recent financial-sector reforms were intended to lay the foundation for deeper and more internationally connected financial markets.
He said the reforms in the foreign exchange market were focused on eliminating 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,” Cardoso said.
The CBN governor also stressed the importance of credible monetary policy, stronger governance, improved market operations and predictable regulations in attracting sustained domestic and international investment.
According to him, achieving stability should not be regarded as the final objective but as a platform for encouraging long term institutional investment, improving market infrastructure and strengthening Nigeria’s integration with global financial markets.
The dialogue brought together investors, financial institutions, businesses as well as Nigerians living and working across Asia.
The discussions focused on Nigeria’s reform agenda, capital formation, foreign exchange market confidence, deeper and more liquid financial markets, and infrastructure required to support greater international participation.
Cardoso said Nigeria’s engagement with Asian markets would go beyond attracting investment inflows, stressing the need to establish long-term relationships among financial institutions, businesses and markets.
He identified opportunities for stronger connections between Nigerian and Asian banks, improved payment and settlement systems, and increased participation by Nigerians based across 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 regulatory capacity.
The Singapore engagements are part of a wider programme of institutional and financial market engagements across Asia, with the CBN governor expected to hold further meetings in Beijing.
