Nigeria and Brazil have reached a deal to strengthen economic and financial cooperation as part of efforts to boost bilateral ties between the two countries.
This was the outcome of talks between Nigeria’s Central Bank Governor, Olayemi Cardoso, and his Brazilian counterpart, Gabriel Muricca Gal Polo.
The engagement formed part of a broader working visit by the Central Bank of Nigeria (CBN) team to the Banco Central do Brasil during President Bola Ahmed Tinubu’s state visit to Brazil.
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In addition to the Governor’s high-level discussions, the delegation also held a series of technical meetings with their Brazilian counterparts, covering monetary policy, financial stability, and regulatory cooperation.
Cardoso highlighted the importance of deepening institutional ties and knowledge-sharing between the two central banks, pointing to opportunities in payments systems, fintech, 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. Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own”, he said.
Cardoso also noted that Brazil’s large Afro-Brazilian community, the biggest population of African descent outside Africa, provides not only cultural linkages, but also significant potential to expand remittance flows between the two countries.
Gal Polo welcomed the talks and reiterated Brazil’s interest in broadening collaboration, describing closer ties as beneficial to supporting financial stability and shared prosperity.
Cardoso was accompanied by CBN directors overseeing currency operations, financial policy regulation, and monetary policy.
