Nigeria and Brazil have initiated discussions to deepen economic and financial cooperation, with a strong focus on payment systems, fintech, and mobile money expansion.
The talks took place in Brasília between the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and his Brazilian counterpart, Gabriel Galípolo, during President Bola Tinubu’s state visit to the South American country.
According to a statement by the CBN on Saturday, the engagement formed part of a broader working visit by the Nigerian delegation to the Banco Central do Brasil. The meetings also featured technical sessions on monetary policy, financial stability, and regulatory cooperation.
Cardoso described the dialogue as a strategic opportunity to strengthen institutional collaboration 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.
He noted that Nigeria and Brazil share opportunities to exchange knowledge in digital finance, adding that Brazil’s successful financial inclusion model could provide lessons for Nigeria, while Nigeria’s vibrant fintech ecosystem also has insights to share.
Highlighting cultural and demographic ties, Cardoso pointed to Brazil’s Afro-Brazilian community—the largest population of African descent outside Africa—as a potential driver of stronger remittance flows and financial linkages between the two countries.
The statement further added:
“Cardoso highlighted the importance of deepening institutional ties and knowledge-sharing between the two central banks, pointing to opportunities in payment systems, fintech, and mobile money.”
In his response, Galípolo welcomed the initiative and reaffirmed Brazil’s commitment to stronger collaboration with Nigeria.
“Closer cooperation will help both economies strengthen financial stability and advance shared prosperity,” he said.
Cardoso was accompanied by senior CBN officials overseeing currency operations, financial policy regulation, and monetary policy, underlining the broad scope of the engagement.
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