Nigeria’s Ambassador to China, Lt Gen Abdulrahman Bello Dambazau (rtd), has outlined sensible monetary priorities for deeper bilateral ties, together with dependable cross-border funds, export finance and long-term funding.
Speaking on the Central Bank of Nigeria’s ‘Strengthening the Nigeria–China Financial Corridor’ roundtable in Beijing, Dambazau stated monetary cooperation ought to ship measurable advantages for companies and residents in each nations.
“For businesses, financial cooperation has a practical meaning. It means paying a supplier reliably, receiving export earnings promptly, securing affordable working capital, and obtaining long-term finance for a viable investment,” he stated.
“Our task is to make these transactions easier, more transparent and more accessible.”
The Ambassador’s contribution opened a dialogue wherein Nigerian and Chinese companies related the monetary hall’s wider ambitions with their expertise of settlement, funding and entry to monetary companies.
Dambazau emphasised the significance of clear info on fee channels, transaction prices and settlement instances. Stronger commercial-bank relationships, supported by efficient engagement between regulators, may assist resolve operational difficulties and cut back uncertainty, he stated.
“Payment delay can become a shipment delay, a production interruption or a lost business opportunity,” he stated.
On local-currency settlement, he stated the bilateral swap framework’s worth to companies relied on entry, sufficient liquidity, aggressive pricing and a transparent understanding of how the preparations labored. Settlement in native currencies ought to stay a business selection supported by clear phrases and sound threat administration.
He additionally referred to as for monetary cooperation that supported Nigerian manufacturing and exports.
“Export finance, letters of credit, credit insurance, and working capital facilities can help businesses turn market opportunities into completed transactions,” he stated.
Dambazau advocated stronger monetary flows in each instructions, connecting finance with the sensible necessities of supplying the Chinese market.
He additionally highlighted affected person capital for productive funding and safeguards that protected professional commerce whereas permitting smaller companies to take part.
The embassy, he stated, stood able to facilitate connections and convey business considerations to the suitable establishments.
CIG Motors Chairman Diana Chen strengthened the significance of predictability from the attitude of a Chinese enterprise with a longtime working presence in Nigeria.
She described the corporate’s factories and employment of Nigerian engineers, technicians and managers as proof of a relationship extending past imports into manufacturing and expertise improvement.
“What we ask for today is not grand architecture. It is continuity, predictability, and the right confidence that when we commit capital, we will one day be able to bring our returns home in good order,” she stated.
Chen stated the monetary system ought to preserve tempo with Chinese companies’ evolution in Nigeria, together with their want for affected person capital alongside short-term commerce finance.
Nigerian businessman, Festus Mbisiogu, welcomed the chance for operators in China to elucidate fee difficulties on to the CBN management.
He described uncertainty over settlement routes, suppliers requesting RMB funds and transactions delayed inside banking channels.
Flutterwave CEO, Olugbenga Agboola, credited enhancements in Nigeria’s compliance infrastructure and worldwide credibility with strengthening the atmosphere wherein Nigerian monetary companies engaged overseas counterparts.
He counseled CBN Governor Olayemi Cardoso and his crew for implementing their coverage route.
Contributions from Fincra and XTransfer centered on bringing extra transactions into formal, seen channels and utilizing fee infrastructure to serve companies at scale. XTransfer’s consultant additionally highlighted smaller retailers’ publicity to fraud and their restricted capability to handle advanced payment-verification necessities.
A Nigerian scholar prolonged the dialogue past commerce, describing difficulties with tuition funds and transfers between Nigeria and China, together with excessive fees and publicity to fraudulent intermediaries.
Responding to the contributions, Cardoso stated the delegation had come to know and tackle the monetary difficulties companies and Nigerians in China encountered.
He described the CBN’s position as catalytic, with banks central to delivering many of the companies mentioned, and dedicated the establishment to following via on the problems raised.
“We want to ensure that whatever it is we discuss, we are able to ensure that we can execute on it,” Cardoso stated.
The governor reaffirmed the financial institution’s dedication to constant coverage, transparency and a functioning foreign-exchange market.
He additionally acknowledged the necessity for clearer communication about devices such because the bilateral swap.
Cardoso stated the CBN had taken detailed notes of stakeholders’ contributions, together with considerations about enterprise funds and college students’ transfers, to tell its work on strengthening monetary connectivity between the 2 economies.
