Nigeria and Brazil have opened talks aimed at strengthening economic and financial cooperation, with a particular focus on payment systems, fintech, and mobile money expansion.
The discussions were held in BrasĂlia between the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and his Brazilian counterpart, Gabriel GalĂpolo, during President Bola Tinubu’s state visit to the South American country.
According to a press statement from the CBN on Saturday, the engagement formed part of a broader working visit by the CBN team to the Banco Central do Brasil.
In addition to the high-level talks, the Nigerian delegation also took part in a series of technical meetings with Brazilian officials covering monetary policy, financial stability, and regulatory cooperation.
Cardoso described the meeting as an opportunity to strengthen institutional collaboration and share expertise 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 emphasised the potential for knowledge exchange in digital finance, noting that “Brazil’s experience in financial inclusion offers important lessons, just as Nigeria’s fintech sector has insights of its own.” Highlighting cultural and demographic linkages, Cardoso pointed to Brazil’s Afro-Brazilian community as a key factor in future cooperation.
He said the group—the largest population of African descent outside Africa—could play an important role in expanding remittance flows and creating stronger financial linkages between the two countries. The statement added, “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.”
In his response, GalĂpolo welcomed the initiative and expressed Brazil’s readiness to broaden collaboration with Nigeria. He said closer cooperation would help both economies strengthen financial stability and advance shared prosperity.
The statement read, “GalĂpolo 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 to the talks by senior CBN officials overseeing currency operations, financial policy regulation, and monetary policy, underscoring the wide-ranging scope of the engagement.
