CBN woos Asian investors, targets long-term capital through financial reforms

By Onu Okorie

Central Bank of Nigeria (CBN) has intensified efforts to attract long-term foreign investment and deepen Nigeria’s financial ties with Asia, as Governor Olayemi Cardoso led high-level engagements with financial institutions and investors in Singapore.
The engagements, held ahead of 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 a Nigeria–Asia Financial Connectivity Dialogue convened in collaboration with J.P. Morgan, Nigerian Exchange Group (NGX Group) and FMDQ Group.
The initiative underscores the apex bank’s drive to translate Nigeria’s ongoing financial-sector reforms into stronger international partnerships, increased investor confidence and more sustainable capital inflows.
Speaking at the Nigeria–Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria’s priority was not merely to attract foreign capital but to establish the confidence and market conditions needed to retain investment over the long term.
“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 explained that reforms in the foreign-exchange market were designed to eliminate distortions, improve transparency and strengthen confidence in the rules governing market participation.
According to him, credible monetary policy, stronger governance, improved market functioning and predictable regulations are essential to building deeper and more liquid financial markets capable of attracting sustained domestic and international investment.
Cardoso noted that economic stabilisation should serve as a foundation for broader market participation, stronger financial infrastructure and improved access to international capital.
The dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia to examine Nigeria’s reform programme and opportunities for increased financial and commercial cooperation.
A panel discussion moderated by Gbolahan Taiwo, J.P. Morgan’s Chief Economist for Africa, featured Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group; Zeal Akaraiwe, Group Managing Director and CEO of FMDQ Group; Aderinola Shonekan, CBN Director of Trade and Exchange; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy.
Discussions centred on capital formation, foreign-exchange market confidence, market liquidity and the financial infrastructure required to support greater international participation in Nigeria’s economy.
Beyond investment mobilisation, Cardoso said Nigeria’s engagement with Asia was intended to foster lasting relationships among financial institutions, businesses, markets and people.
He identified opportunities to strengthen partnerships between Nigerian and Asian banks, improve payment and settlement channels, and expand financial participation among Nigerians living and working across the region.
As part of efforts to advance institutional cooperation, the CBN delegation also held discussions with the Monetary Authority of Singapore on financial-sector development, regulation, market connectivity and innovation.
The engagements provided an opportunity for both financial authorities to exchange experiences and explore potential areas of collaboration in market development and emerging financial technologies.
In a related development, the CBN signed an MoU with GFTN to establish a framework for cooperation in financial innovation.
The agreement is expected to provide a platform for connecting institutions and innovation ecosystems in Nigeria and Singapore, exploring shared priorities and identifying practical opportunities for collaboration.
Cardoso also highlighted the growing importance of financial technology and artificial intelligence in improving financial services, strengthening risk management, promoting financial inclusion and enhancing regulatory capabilities.
The CBN’s Singapore engagements form part of a broader programme of institutional and financial-market outreach across Asia, with further meetings scheduled in Beijing.
The initiative reflects the apex bank’s broader ambition to position Nigeria’s financial system for stronger international integration by combining domestic reforms with strategic partnerships, improved market infrastructure and new channels for investment and financial innovation.