CBN, Singapore Sign MoU aimed at deepening Nigeria’s financial connectivity with Asia
Oru Leonard
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has undertaken a series of high-level engagements in Singapore aimed at deepening Nigeria’s financial connectivity with Asia and attracting greater investment, trade and financial innovation.
The engagements, held en route to the IMF–World Bank Annual Meetings in Bangkok, included discussions with the Monetary Authority of Singapore (MAS), the signing of a Memorandum of Understanding (MoU) with the Global Finance & Technology Network (GFTN), and the Nigeria–Asia Financial Connectivity Dialogue.
The CBN said the engagements form part of efforts to translate Nigeria’s ongoing financial-sector reforms into stronger international partnerships, deeper financial markets and practical channels for investment and innovation.
During discussions with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and innovation.
The discussions also explored potential areas of collaboration between Nigeria and Singapore, including opportunities to strengthen institutional relationships, develop financial markets and harness emerging technologies.
In a further move towards practical cooperation, the CBN and GFTN signed an MoU establishing a framework for collaboration on financial innovation.
According to the CBN, the agreement will facilitate connections between relevant institutions and innovation ecosystems in Nigeria and Singapore, while providing opportunities to explore areas of mutual interest and practical cooperation.
At the Nigeria–Asia Financial Connectivity Dialogue, hosted at the Singapore offices of J.P. Morgan and convened by the CBN in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX) and FMDQ Group, Cardoso outlined Nigeria’s ambition to develop deeper, more liquid and internationally connected financial markets.
The Governor said the reforms undertaken in Nigeria in recent years were designed to provide the foundation for a new phase of market development.
He explained that reforms in the foreign-exchange market were aimed at removing distortions, improving transparency and restoring confidence in the rules governing market participation.
“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.
He stressed the importance of credible monetary policy, stronger governance, improved market functioning and predictable rules in creating conditions for sustained domestic and international investment.
According to him, stabilisation should not be regarded as an end in itself, but as a foundation for broader participation by long-term institutional investors, stronger market infrastructure and more effective connections with international financial markets.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.
A panel moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, examined Nigeria’s reform trajectory and prospects for deeper international financial participation.
Panelists included Temi Popoola, Group Managing Director/CEO of NGX Group; Zeal Akaraiwe, Group Managing Director/CEO of FMDQ Group; Aderinola Shonekan, Director of Trade and Exchange at the CBN; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.
Discussions focused on capital formation, foreign-exchange market confidence, deeper and more liquid markets, and the infrastructure required to support sustained international participation.
Cardoso said Nigeria’s engagement with Asia goes beyond attracting investment flows, stressing the need to build durable relationships among financial institutions, markets, businesses and Nigerians living across the region.
He identified opportunities for stronger links between Nigerian and Asian banks and market institutions, more efficient payment and settlement channels, and increased participation by Nigerians living and working in Asia.
The Governor also highlighted the growing role of financial technology and artificial intelligence in improving financial services, strengthening risk management, promoting financial inclusion and enhancing regulatory capabilities.
The Singapore engagements are part of a broader programme of institutional and market engagement across Asia, with the CBN delegation scheduled to undertake further meetings in Beijing.
