The Central Bank of Nigeria (CBN) has stepped up efforts to strengthen Nigeria’s financial and investment ties with Asia through high-level engagements in Singapore.
The engagements, led by the CBN Governor, Olayemi Cardoso, included discussions 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 engagements took place as Cardoso travelled to Bangkok for the IMF–World Bank Annual Meetings and focused on financial-sector cooperation, market development, innovation and stronger channels for investment and trade.
During discussions with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and emerging technologies.
The engagements also explored areas of mutual interest and opportunities for stronger institutional cooperation between Nigeria and Singapore.
In a separate development, the CBN and GFTN signed an MoU to establish a framework for collaboration on financial innovation.
The agreement is expected to facilitate connections between relevant institutions and innovation ecosystems in Nigeria and Singapore, while providing opportunities for practical cooperation in areas of mutual interest.
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.
The event was convened by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group, and was anchored by Dapo Olagunji, Managing Director of J.P. Morgan West Africa.
Cardoso said recent financial-sector reforms were intended to lay the foundation for a new phase of market development and increased international participation.
He specifically highlighted reforms in the foreign exchange market, saying they were designed to remove distortions, improve transparency and restore 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 CBN governor stressed that credible monetary policy, stronger governance, improved market functioning and predictable rules were essential to attracting sustained domestic and international investment.
He added that stabilisation of the financial system was not an end in itself, but a foundation for greater participation by long-term institutional investors, stronger market infrastructure and deeper connections with international financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
A panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, examined Nigeria’s reform trajectory and prospects for deeper capital markets and sustained international participation.
Panelists included Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.
Discussions covered capital formation, foreign-exchange market confidence, market liquidity and the infrastructure required to support greater participation by international investors.
Cardoso said Nigeria’s engagement with Asia went beyond attracting investment, stressing the need to build durable relationships between financial institutions, markets, businesses and Nigerians across the region.
He identified opportunities to strengthen links between Nigerian and Asian banks and financial-market institutions, improve payment and settlement channels, and deepen 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 capabilities.
The Singapore engagements form part of the CBN’s broader institutional and market engagement across Asia, with further meetings scheduled in Beijing.
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