The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has concluded a series of high-level engagements in Singapore aimed at strengthening Nigeria’s financial ties with Asia, attracting long-term investment and deepening international market connectivity.
The engagements featured discussions with the Monetary Authority of Singapore (MAS) on financial-sector development, regulation, market connectivity and innovation, alongside the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN) to establish a framework for cooperation on financial innovation.
Cardoso also convened the Nigeria–Asia Financial Connectivity Dialogue in partnership with J.P. Morgan, Nigerian Exchange Group and FMDQ Group, bringing together stakeholders to explore opportunities for closer financial and investment relations between Nigeria and Asian markets.
The dialogue, hosted at J.P. Morgan’s Singapore offices, was opened by the bank’s Managing Director for West Africa, Dapo Olagunju.
Speaking at the event, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets capable of supporting sustainable investment and long-term economic growth.
“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,” the CBN governor said.
He reiterated that Nigeria’s foreign-exchange reforms were designed to eliminate market distortions, restore transparency and strengthen confidence in the rules governing participation in the market.
According to him, exchange-rate stabilisation should not be regarded as an end in itself but as a foundation for attracting long-term institutional capital, strengthening financial-market infrastructure and expanding links with international markets.
Cardoso also highlighted the growing influence of financial technology and artificial intelligence in financial services, risk management, financial inclusion and regulatory capacity.
He identified opportunities to deepen cooperation in payments and settlement systems and strengthen connections between Nigerian and Asian banks, noting that technological innovation could facilitate more efficient cross-border financial transactions.
The governor stressed that Nigeria’s engagement with Asia extended beyond attracting investment flows to building enduring relationships among financial institutions, markets, businesses and people, including Nigerians living and working across the region.
The Singapore engagements form part of a broader CBN programme in Asia, which includes further meetings in Beijing, as Nigeria seeks to expand its international financial partnerships and strengthen its access to global capital markets.
