By Mariam Abeeb
The Central Bank of Nigeria (CBN) has strengthened Nigeria’s financial and investment ties with Asia through high-level engagements with Singapore’s Monetary Authority (MAS), the Global Finance & Technology Network (GFTN) and major financial-market institutions.
The engagements were led by the CBN Governor, Mr Olayemi Cardoso, in Singapore, en route to the IMF–World Bank Annual Meetings in Bangkok.
They included discussions with the Monetary Authority of Singapore, the signing of a Memorandum of Understanding (MoU) between the CBN and GFTN, as well as the Nigeria–Asia Financial Connectivity Dialogue convened by the apex bank in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group.
The engagements, according to the CBN, are part of efforts to translate Nigeria’s financial-sector reforms into stronger international partnerships, deeper financial markets and practical channels for investment, trade and innovation.
During discussions with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and innovation, while exploring areas for continued institutional cooperation between Nigeria and Singapore.
The CBN and GFTN subsequently signed an MoU establishing a framework for collaboration in financial innovation. The agreement is expected to facilitate connections between relevant institutions and innovation ecosystems while identifying practical areas of cooperation between both countries.
Speaking at the Nigeria–Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria was seeking to build deeper, more liquid and internationally connected financial markets.
He said recent reforms, particularly in the foreign exchange market, were aimed at removing distortions, restoring transparency and strengthening confidence in the rules governing market participation.
“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 governor stressed that credible monetary policy, stronger governance, improved market functioning and predictable rules were essential to attracting and retaining sustainable domestic and international investment.
He noted that economic stabilisation was not an end in itself but a foundation for broader participation by long-term institutional investors, stronger market infrastructure and more effective connections with global financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia, with discussions focusing on Nigeria’s reform trajectory, capital formation, foreign-exchange market confidence and the development of deeper and more liquid financial markets.
A panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, featured the Group Managing Director/CEO of NGX Group, Temi Popoola; Group Managing Director/CEO of FMDQ Group, Zeal Akaraiwe; CBN Director of Trade and Exchange, Aderinola Shonekan; and Special Adviser to the Governor on Financial Markets and Economic Policy, Olumayokun Ajibade.
Cardoso said Nigeria’s engagement with Asia was not limited to attracting investment flows but was also aimed at building durable 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 channels, 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 form part of the CBN’s broader programme of institutional and market engagement across Asia, with further meetings scheduled in Beijing.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
