Cardoso courts Asian capital, signs innovation pact in Singapore

The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has held a series of high-level engagements in Singapore aimed at deepening Nigeria’s financial ties with Asia, as he travels to the IMF–World Bank Annual Meetings in Bangkok.

The visit included talks 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, which the CBN convened with J.P. Morgan, the Nigerian Exchange Group (NGX) and FMDQ Group.

In its discussions with MAS, the CBN delegation exchanged views on financial-sector development, regulation, market connectivity and innovation. Both sides identified areas of mutual interest for continued engagement and possible collaboration.

The MoU with GFTN sets out a framework for cooperation on financial innovation. It is expected to link relevant institutions and innovation ecosystems in Nigeria and Singapore and help identify practical opportunities for joint work.

Speaking at the Dialogue, hosted at J.P. Morgan’s Singapore offices and anchored by Mr Dapo Olagunji, Managing Director of J.P. Morgan West Africa, Cardoso said Nigeria wants deeper, more liquid and internationally connected financial markets. He described recent reforms as the foundation for a new phase of market development.

He said changes to the foreign-exchange market were designed to remove distortions, restore transparency and rebuild confidence in the rules governing 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,” he said.

The governor pointed to credible monetary policy, stronger governance, better-functioning markets and predictable rules as essential to sustaining domestic and foreign investment. Stabilisation, he added, is not an end in itself but a base for broader participation by long-term institutional investors and stronger market infrastructure.

The event drew investors, financial institutions, businesses and Nigerians living and working across Asia. A panel moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo, featured NGX Group CEO Temi Popoola; FMDQ Group CEO Zeal Akaraiwe; the CBN’s Director of Trade and Exchange, Aderinola Shonekan; and Olumayokun Ajibade, Special Adviser to the Governor on Financial Markets and Economic Policy. They discussed capital formation, foreign-exchange market confidence and the infrastructure needed for sustained international participation.