Nigeria and Brazil have begun talks to deepen economic and financial cooperation, with emphasis on payment systems, fintech, and mobile money growth.
The discussions took place in Brasília between the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and Brazil’s Central Bank Governor, Gabriel Galípolo, during President Bola Tinubu’s state visit.
In a statement on Saturday, the CBN said the meeting was part of a broader working visit to the Banco Central do Brasil.
The Nigerian delegation also joined technical sessions with Brazilian officials on monetary policy, financial stability, and regulatory collaboration.
Cardoso said the meeting provided an opportunity to enhance institutional ties and share knowledge between the two central banks.
“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,” he said in the statement.
He further stressed the importance of knowledge sharing in digital finance, noting that Brazil’s progress in financial inclusion offers valuable lessons, while Nigeria’s vibrant fintech sector also provides useful insights.
Pointing to cultural and demographic ties, Cardoso highlighted Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—as a potential driver of deeper cooperation. He said the group could help boost remittance flows and strengthen financial connections between both countries.
“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,” the statement added.
In his response, Galípolo welcomed the initiative and affirmed Brazil’s willingness to expand collaboration with Nigeria, noting that closer ties would enhance financial stability and promote shared prosperity for both economies.
The statement read, “Galípolo welcomed the talks and reiterated Brazil’s interest in broadening collaboration, describing closer ties as beneficial to supporting financial stability and shared prosperity.”
