CBN Governor Cardoso outlines Nigeria's China payment talks, investment-grade rating pursuit after IMF meetings
CBN Governor Olayemi Cardoso said Nigeria will pursue stronger cross-border payment arrangements with China during an upcoming Beijing visit, focusing on facilitating transactions, supporting trade/investment, and strengthening financial intermediation. He disclosed this at a news briefing following Nigeria's participation in the 2026 IMF-World Bank Annual Meetings in Bangkok, Thailand, where he also met with People's Bank of China Governor Pan Gongsheng.
Cardoso added that discussions with Standard & Poor's and Moody's centered on Nigeria's economic outlook and medium-term prospects for achieving investment-grade ratings, emphasizing consistent policies, credible institutions, and fiscal-monetary coordination. On AI, he urged African countries to move beyond passive participation to develop capacity shaping opportunities and capturing economic value from the technological revolution. He cited the September monetary policy rate cut from 26.5% to 23% (350 basis points) as evidence of credible institutions and clear communication ahead.
Looking ahead, Cardoso acknowledged Nigerians' patience during economic adjustment, stating the CBN's priority is consolidating gains into higher investment, productivity, and sustainable growth while maintaining focus on price stability, monetary discipline, and financial system stability with single-digit inflation as the medium-term objective. The delegation also engaged Singapore's Monetary Authority, signed an MoU with an unnamed global fintech network, and convened the Nigeria-Asia Financial Connectivity Dialogue with JPMorgan, NGX, and FMG Group.
Specific timelines for the Beijing visit, implementation details for China payment arrangements, or timelines for investment-grade rating prospects were not disclosed. Will these financial engagements translate to lower transaction costs for Nigerian traders dealing with China, improved access to international credit at better rates, or concrete AI capacity-building initiatives for Nigerian tech entrepreneurs?