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.
Di Governor of di Central Bank of Nigeria (CBN), Olayemi Cardoso, don ask di Industrial and Commercial Bank of China (ICBC) to deepen dia presence for Nigerian financial markets, including by investing in naira-denominated instruments.
Cardoso make dis pitch during talks with ICBC chairman and senior management, according to one Vanguard report. He talk say Nigeria stronger financial foundations now offer a more predictable place to invest.
"We believe say there is plenty scope to broaden dis relationship, especially by encouraging greater participation by Chinese financial institutions for Nigeria markets, including investment in naira-denominated instruments," na wetin he talk.
Why e matter to ordinary Nigerians
Nigeria and China already dey trade heavily, but di money mostly dey flow one way. Cardoso talk say CBN data show plenty trade-related payments from Nigeria to China, with far smaller export proceeds and investment flows wey dey come back into Nigeria.
More Chinese money in naira assets fit help support di currency and bring capital wey businesses fit borrow. Dat one matter for importers, manufacturers and anybody wey dey watch di naira value against di dollar.
Cardoso talk say di aim no be just to make payments between di two countries easier, but to create conditions for more transactions and stronger financial flows for both directions.
He also point to ICBC corporate relationships and international reach as way to spot wetin dey stop Chinese institutions from investing here, and to turn commercial interest into actual deals.
Di CBN governor talk say di bank work na to keep di financial environment credible, transparent and well-functioning, while working with counterparts to clear regulatory and institutional barriers where e appropriate.
He talk say teams don dey designated to carry di talks forward, and say success go dey measured by higher transaction volumes, wider market participation and a more balanced financial relationship.
Wetin go happen next
Di sources no give timeline or talk whether ICBC don commit to anything. For now, di talks dey at di level of priorities and working teams, with no figures attached to possible investments.
