Nigeria and Brazil Central Banks Forge Stronger Financial Cooperation to Boost Trade and Stability
The Central Bank of Nigeria (CBN) and the Banco Central do Brasil have pledged to deepen financial and economic cooperation after a high-level meeting between CBN Governor Olayemi Cardoso and his Brazilian counterpart, Gabriel Muricca Galípolo. The talks, which took place during President Bola Ahmed Tinubu’s state visit to Brazil, signal a growing partnership aimed at strengthening monetary policy coordination, regulatory collaboration, and investment opportunities between the two nations.
As part of the working mission, senior CBN directors engaged in technical sessions with Brazilian officials to discuss critical issues such as financial stability, payment systems, and the role of fintech in driving inclusive growth. Cardoso highlighted the need for stronger institutional linkages and knowledge exchange, especially in mobile money and digital financial innovation. He emphasized that Nigeria’s goal is to build a more resilient financial system capable of attracting capital, boosting diaspora remittances, and creating an enabling environment for trade and investment.
In his remarks, Cardoso pointed to Brazil’s long-standing success in financial inclusion as a valuable learning model for Nigeria, while noting that Nigeria’s rapidly expanding fintech ecosystem also has insights to share. He further stressed the unique cultural and economic opportunities created by Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—which could serve as a powerful bridge for strengthening remittance flows and bilateral trade.
Brazil’s central bank chief, Gabriel Galípolo, welcomed the renewed engagement and underscored Brazil’s commitment to closer cooperation. He described the partnership as vital for enhancing financial stability and advancing shared prosperity between both countries. According to him, stronger collaboration would not only benefit domestic financial systems but also position Brazil and Nigeria as leaders in fostering South-South economic cooperation.
Cardoso was accompanied by top CBN directors overseeing currency operations, monetary policy, and financial regulation, reflecting the strategic importance of the engagement. The move is widely seen as a step toward deepening Nigeria-Brazil relations beyond trade into long-term financial and institutional cooperation, with potential benefits for both economies in terms of stability, investment, and inclusive growth.
Source: The sun