The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have opened fresh talks to strengthen economic and financial cooperation between Africa’s largest economy and Latin America’s biggest market.
CBN Governor, Olayemi Cardoso, disclosed that Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—presents strong cultural linkages and significant potential to boost remittance flows between Nigeria and Brazil.
Speaking during a meeting with his Brazilian counterpart, Gabriel Muricca Galípolo, held on the sidelines of President Bola Ahmed Tinubu’s state visit to Brazil, Cardoso said the engagement was part of a broader working visit by the Nigerian delegation to deepen institutional and technical ties with the South American nation.
According to him, he nation reports that both countries benefit from knowledge-sharing and collaboration in payment systems, fintech innovation, and mobile money.
“Nigeria is building a more resilient financial system to attract capital, harness diaspora remittances, and create a stable environment where trade and investment can thrive,” Cardoso stated.
He further noted that lessons from Brazil’s long-standing experience in financial inclusion could be valuable for Nigeria. He also pointed out that Nigeria’s rapidly expanding fintech industry has ideas to share with Brazil.
“Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own,” he added.
Welcoming the talks, Galípolo stressed that Brazil is keen to broaden financial collaboration with Nigeria, describing the engagement as critical to promoting economic stability and mutual prosperity.
Beyond the high-level discussions, the Nigerian delegation held technical sessions with Brazilian officials, covering monetary policy, financial stability, and regulatory cooperation.