Cardoso courts Chinese bank ICBC to invest in naira assets
- CBN Governor Olayemi Cardoso met ICBC's chairman to push for more Chinese investment in Nigerian markets.
- He said Nigeria wants Chinese banks to buy naira-denominated instruments, not just ease trade payments.
- CBN data shows Nigeria pays China heavily for imports but gets little export or investment money back.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has asked the Industrial and Commercial Bank of China (ICBC) to deepen its presence in Nigerian financial markets, including by investing in naira-denominated instruments.
Cardoso made the pitch during talks with ICBC's chairman and senior management, according to a Vanguard report. He said Nigeria's stronger financial foundations now offer a more predictable place to invest.
"We believe there is considerable scope to broaden this relationship, particularly by encouraging greater participation by Chinese financial institutions in Nigeria's markets, including investment in naira-denominated instruments," he said.
Why it matters to ordinary Nigerians
Nigeria and China already trade heavily, but the money mostly flows one way. Cardoso said CBN data shows large trade-related payments from Nigeria to China, with far smaller export proceeds and investment flows coming back into Nigeria.
More Chinese money in naira assets could help support the currency and bring in capital that businesses can borrow. That matters for importers, manufacturers and anyone watching the naira's value against the dollar.
Cardoso said the aim is not just to make payments between the two countries easier, but to create the conditions for more transactions and stronger financial flows in both directions.
He also pointed to ICBC's corporate relationships and international reach as a way to spot what is stopping Chinese institutions from investing here, and to turn commercial interest into actual deals.
The CBN governor said the bank's job is to keep the financial environment credible, transparent and well-functioning, while working with counterparts to clear regulatory and institutional barriers where appropriate.
He said teams had been designated to carry the talks forward, and that success would be measured by higher transaction volumes, wider market participation and a more balanced financial relationship.
What happens next
The sources do not give a timeline or say whether ICBC has committed to anything. For now, the talks are at the level of priorities and working teams, with no figures attached to possible investments.
