Nigeria, Brazil initiate economic cooperation, boost remittance flows

The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have initiated new discussions aimed at strengthening economic and financial cooperation while also boosting remittance flows between Nigeria and Brazil.

The CBN governor, Olayemi Cardoso, disclosed that Brazil’s Afro Brazilian community the largest population of African descent outside Africa presents not only strong cultural linkages but also 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, both countries stand to benefit from knowledge-sharing and collaboration in areas such as payments systems, fintech innovation, and mobile money.

Cardoso stated, “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 further noted that lessons from Brazil’s long standing experience in financial inclusion could be valuable for Nigeria, while also pointing 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.

Galípolo stressed that Brazil is keen to broaden financial collaboration with Nigeria, describing the engagement as critical to promoting financial stability and mutual prosperity.

Beyond the high level discussions, the Nigerian delegation held a series of technical sessions with Brazilian officials, covering monetary policy, financial stability, and regulatory cooperation.

Cardoso was accompanied on the visit by directors in charge of currency operations, financial policy regulation, and monetary policy at the CBN.