Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has said Nigeria will pursue stronger cross-border payment and settlement arrangements with China during an upcoming visit to Beijing, as both countries seek to deepen financial cooperation and make bilateral trade and investment easier.
Cardoso disclosed the plan following Nigeria’s participation in the 2026 Annual Meetings of the International Monetary Fund (IMF) and World Bank Group in Bangkok, Thailand. He said he had met with Pan Gongsheng, governor of the People’s Bank of China, to discuss opportunities to strengthen financial ties between the two economies.
The discussions covered cross-border payments, settlement arrangements, financial technology and trade finance, areas that could help reduce friction in transactions between Nigerian and Chinese businesses.
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“Nigeria would build on the discussions during an upcoming visit to Beijing, with emphasis on facilitating cross-border payments, supporting trade and investment, and strengthening financial intermediation between the two countries,” Cardoso said.
The planned visit is expected to provide an opportunity to advance those discussions, although the CBN has not announced specific implementation measures, transaction targets or a timeline for introducing new payment arrangements.
Nigeria improving financial connectivity with China could help businesses manage payments for imports, settle commercial obligations and facilitate investment. However, the practical benefits will depend on the arrangements eventually adopted, including their costs, settlement speed, currency requirements and access for financial institutions and businesses.
China is an important commercial partner for Nigeria, making payment infrastructure a relevant part of the broader economic relationship. Cross-border transactions can involve multiple financial institutions, currency conversions and compliance procedures, all of which may add costs or delays for businesses.
Stronger payment and settlement links could help address some of these obstacles by improving the channels through which financial institutions process transactions. Cooperation on financial technology and trade finance could also expand the range of services available to companies operating across the two markets.
However, the proposed engagement should not be interpreted as confirmation that Nigeria and China have agreed to introduce a new settlement currency, replace existing payment channels or adopt a specific bilateral payment system. Cardoso’s comments identified areas for further cooperation but did not disclose the technical or monetary arrangements under consideration.
Improving payment connectivity does not automatically eliminate foreign-exchange risks or the need for businesses to obtain the currencies required for international trade. But the move is expected to be impactful only if new arrangements reduce transaction costs, improve access to liquidity and make settlement more predictable.
The CBN’s engagement with the People’s Bank of China forms part of a wider effort to strengthen Nigeria’s financial relationships with Asian markets and international financial institutions. The delegation also engaged the Monetary Authority of Singapore, while Nigeria convened the Nigeria-Asia Financial Connectivity Dialogue in collaboration with JPMorgan, Nigerian Exchange Group and FMG Group.
Cardoso said the delegation had also signed a memorandum of understanding with a global financial technology network, although the network was not identified in the statement.
The engagements indicate an effort to expand Nigeria’s connections with international financial markets and payment providers. Their eventual significance will depend on the agreements reached, the institutions involved, and the extent to which businesses can use the resulting infrastructure.
Nigeria Discusses Investment-Grade Ratings With Global Agencies
Alongside the payment discussions, Cardoso said his meetings with international credit rating agencies, including Standard & Poor’s and Moody’s, focused on Nigeria’s economic outlook and its prospects of achieving investment-grade ratings over the medium term.
He said the conversations highlighted the importance of consistent economic policies, credible institutions and effective coordination between fiscal and monetary authorities.
Investment-grade ratings can influence the terms on which governments and companies access international capital markets. A stronger rating can broaden the pool of eligible investors and potentially reduce borrowing costs, although actual financing conditions also depend on market interest rates, currency risks, debt levels and investor demand.
For Nigeria, the discussions come against the backdrop of efforts to improve macroeconomic stability and strengthen confidence in policy implementation. Sustained progress would require more than engagement with rating agencies. Fiscal discipline, predictable monetary policy, institutional credibility and a durable improvement in economic conditions would remain important to how investors assess the country’s creditworthiness.
Cardoso also participated in IMF discussions on the global economy, sharing Nigeria’s experience and lessons for emerging economies, particularly in Africa.
“Emerging economies must look beyond surviving crises and focus on building productive, competitive and resilient economies capable of withstanding future shocks,” he said.
The statement places productivity and resilience alongside stabilization as priorities for developing economies. While macroeconomic reforms can help restore confidence and address imbalances, stronger long-term performance also depends on investment, productive capacity and the ability of businesses to compete in domestic and international markets.
Cardoso Calls for African Participation in AI Economy
Artificial intelligence was another focus of Cardoso’s engagements. He said African countries should move beyond being passive participants in the technology’s expansion and develop the capacity to shape its opportunities and capture more of the economic value it generates.
The issue has implications for financial services, where AI can support data analysis, fraud detection, risk management and customer service. Broader adoption could improve efficiency across financial institutions, but capturing those gains requires investment in computing infrastructure, skills, reliable power and appropriate governance frameworks.
For African economies, the challenge goes beyond adopting AI products developed elsewhere. Building local technical capabilities and expanding access to infrastructure could help businesses participate more directly in the technology’s development and commercialization.
Cardoso’s comments also align with the wider debate at the IMF and World Bank meetings about AI’s potential to accelerate productivity while creating new economic and financial risks. The benefits are unlikely to be distributed evenly among countries, particularly where infrastructure, financing and technical expertise remain limited.
The governor also participated in an IMF seminar on central bank decision-making under uncertainty, where he discussed the CBN’s experience in monetary policy formulation, transparency and communication.
He cited the September reduction in Nigeria’s monetary policy rate from 26.5% to 23%, a cut of 350 basis points, as an example of the importance of credible institutions and clear communication. The reduction marked a shift in the central bank’s policy stance as economic conditions changed.
Looking ahead, Cardoso acknowledged the patience and resilience of Nigerians during a difficult period of economic adjustment. He said the CBN’s priority was to consolidate recent gains and translate them into higher investment, productivity and sustainable economic growth.
The bank would maintain its focus on price stability, monetary discipline and safeguarding the financial system, with single-digit inflation remaining its medium-term objective.
That target represents a substantial challenge because reducing inflation sustainably requires more than changes in interest rates alone. Monetary policy must operate alongside improvements in supply conditions, fiscal management and the broader business environment. The speed at which inflation declines will also influence the room available to ease monetary conditions without undermining price stability.
Cardoso thanked members of Nigeria’s delegation and international partners for their cooperation during the meetings. He expressed optimism that the engagements would strengthen Nigeria’s financial system and support its longer-term economic ambitions.
Taken together, the discussions in Bangkok and the planned Beijing visit point to several strands of Nigeria’s external economic agenda: improving cross-border financial connectivity, attracting investment, strengthening its credit standing and expanding participation in emerging technologies.