The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has intensified Nigeria’s engagement with Asian financial institutions and investors in a bid to attract sustainable capital inflows, strengthen market connectivity and promote technology partnerships.
Cardoso’s engagements in Singapore included discussions with the Monetary Authority of Singapore (MAS), the signing of a financial innovation agreement with the Global Finance and Technology Network (GFTN), and a meeting with investors and financial institutions at the Nigeria-Asia Financial Connectivity Dialogue.
The engagements, held en route to the IMF-World Bank Annual Meetings in Bangkok, form part of the CBN’s efforts to strengthen international partnerships and consolidate Nigeria’s financial-sector reforms.
Speaking at the Nigeria-Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s offices in Singapore, Cardoso said the reforms were aimed at building financial markets capable of attracting and retaining capital over the long term.
He explained that foreign exchange market reforms were designed to address distortions, enhance transparency and provide greater certainty for 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 stressed that credible monetary policy, stronger governance, predictable regulations and efficient financial markets were essential to attracting long-term domestic and international investments.
He added that stabilising the financial market should provide a foundation for deeper capital markets and increased participation by institutional investors.
During discussions with the Monetary Authority of Singapore, the CBN delegation explored issues relating to financial-sector regulation, market development, innovation and connectivity.
The talks also examined opportunities for institutional cooperation between Nigeria and Singapore, including lessons from both countries’ financial systems and the potential of emerging technologies.
According to the CBN, stronger institutional relationships could support financial-market development and promote innovation across both economies.
The apex bank also signed a Memorandum of Understanding with the Global Finance and Technology Network to establish a framework for collaboration in financial innovation.
The agreement is expected to strengthen connections between financial institutions and innovation ecosystems in Nigeria and Singapore while providing a platform for identifying practical areas of cooperation.
The Nigeria-Asia Financial Connectivity Dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia to explore opportunities for stronger financial and economic partnerships.
