Nigeria and Brazil have opened discussions aimed at deepening economic and financial cooperation, with a focus on payment systems, fintech, and mobile money growth.

The talks, held in Brasília, brought together 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 Brazil.

According to a CBN statement on Saturday, the engagement formed part of a broader working visit by the Nigerian delegation to the Banco Central do Brasil.

Nigerian officials also participated in technical sessions with their Brazilian counterparts covering monetary policy, financial stability, and regulatory frameworks.

Cardoso described the discussions 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.

He highlighted the potential of digital finance, noting that Brazil’s achievements in financial inclusion could provide valuable lessons, while Nigeria’s fintech ecosystem also offers unique insights.

Referring to cultural and demographic ties, Cardoso pointed out that Brazil’s Afro-Brazilian population, the largest community of African descent outside Africa represents an important avenue for boosting remittance flows and strengthening financial linkages between the two countries.

Responding, Galípolo welcomed the initiative and expressed Brazil’s readiness to broaden cooperation with Nigeria, saying that stronger ties would enhance financial stability and promote shared prosperity.

The Nigerian delegation included senior CBN officials overseeing currency operations, financial policy regulation, and monetary policy, underscoring the comprehensive scope of the engagement.