The Central Bank of Nigeria (CBN) and the Banco Central do Brasil (Brazil’s Central Bank) have opened fresh talks aimed at strengthening economic and financial cooperation between Africa’s largest economy and Latin America’s biggest market.
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 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.
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.