Nigeria pushes for Chinese investment as officials stress policy stability ahead of elections

Expanding financial links with China At the conclusion of the International Monetary Fund and World Bank annual meetings in Bangkok, the governor of the Central Bank of Nigeria, Olayemi Cardoso, outlined a plan to draw Chinese capital into Nigeria’s financial markets. The initiative aims to increase investment flows, improve access to long‑term financing and enhance cross‑border payment systems. Cardoso noted that, despite China’s substantial liquidity, Chinese participation in Nigerian financial instruments has been limited, presenting an opportunity to reverse that trend.

Discussions with Pan Gongsheng, governor of the People’s Bank of China, covered a range of cooperation areas, including settlement arrangements, financial technology and trade finance. The Nigerian side expressed interest in deepening collaboration among Chinese banks, the Central Bank of Nigeria, commercial banks and other institutions, particularly within the payments ecosystem. The outreach forms part of a broader strategy to diversify sources of capital, attract long‑term Asian investment and translate ongoing economic reforms into funding for businesses and productive sectors.

Market expectations and political backdrop In the same briefing, Finance Minister Taiwo Oyedele highlighted that both domestic and international markets have largely dismissed Nigeria’s opposition parties as lacking seriousness. He said investors are already factoring in the likelihood of President Bola Tinubu securing a second term, which they view as a signal of continuity for economic reforms. Oyedele warned that any suggestion of reinstating fuel subsidies would be swiftly reflected in market prices, underscoring the sensitivity of investors to policy signals.

Cardoso reinforced the importance of policy consistency and transparency for maintaining investor confidence. He linked recent improvements in economic and foreign‑exchange stability to a more favourable environment for long‑term investment. Meanwhile, the African Democratic Congress has called on President Tinubu to clarify a $12.4 billion discrepancy identified in the World Bank’s October 2026 Nigeria Development Update, a gap equivalent to roughly N16.5 trillion in external accounts.

Together, the statements from the central bank governor and the finance minister suggest a coordinated effort to secure foreign investment while signalling policy steadiness ahead of a politically sensitive period. By courting Chinese capital and emphasizing reform continuity, Nigeria hopes to bolster its financial markets and sustain growth momentum.