The Central Bank of Nigeria Governor, Olayemi Cardoso, has stepped up Nigeria’s engagement with Asian financial institutions and investors, seeking stronger capital flows, market connectivity and technology partnerships as the country works to consolidate its economic reforms.

Cardoso’s engagements in Singapore included talks with the Monetary Authority of Singapore, the signing of a financial innovation agreement with the Global Finance & Technology Network and a meeting with investors and financial institutions at the Nigeria-Asia Financial Connectivity Dialogue.

The engagements were held on the way to the IMF-World Bank Annual Meetings in Bangkok and form part of the Central Bank of Nigeria’s efforts to strengthen international partnerships around the country’s financial-sector reforms.

Speaking at the Nigeria-Asia Financial Connectivity Dialogue hosted at J.P. Morgan’s Singapore offices, Cardoso said Nigeria’s reforms were intended to create financial markets capable of attracting capital on a sustained basis.

He said reforms to the foreign exchange market were designed to address distortions, improve transparency and provide greater certainty for market participants.

“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.

The governor said credible monetary policy, stronger governance, predictable regulations and better-functioning markets were necessary to attract long-term domestic and international investors.

He added that financial-market stabilisation should serve as a foundation for deeper capital markets and stronger participation by institutional investors.

During talks with MAS, the CBN delegation discussed financial-sector regulation, market development, innovation and connectivity.

The discussions also explored potential areas for institutional cooperation between Nigeria and Singapore, including lessons from both countries’ financial systems and opportunities created by emerging technologies.

The CBN said stronger institutional links could support financial-market development and facilitate innovation across both economies.

The central bank also signed a Memorandum of Understanding with GFTN, creating a framework for collaboration in financial innovation.

The agreement is expected to connect financial institutions and innovation ecosystems in Nigeria and Singapore while providing a platform for identifying practical areas of cooperation.

The Nigeria-Asia Financial Connectivity Dialogue brought together investors, financial institutions, businesses and Nigerians living and working across Asia.

The session was moderated by J.P. Morgan’s Chief Economist for Africa, Gbolahan Taiwo.

Cardoso said Nigeria’s relationship with Asia should extend beyond attracting portfolio and direct investment.

He said the central bank was interested in developing stronger links between Nigerian and Asian banks, financial institutions and businesses.

He also identified more efficient payment and settlement systems as an area with potential to improve financial connectivity between Nigeria and Asian markets.

Cardoso further said that new technologies could help improve financial services, strengthen risk-management systems, expand financial inclusion and improve regulatory capabilities.

The engagement with GFTN is expected to provide an additional platform for cooperation around financial innovation as Nigeria seeks to modernise its financial ecosystem.

The Singapore meetings are part of a wider CBN engagement across Asia, with the governor expected to hold further discussions in Beijing.