…Africa Needs Deeper Partnerships To Overcome Common Challenges—Cardoso
Washington, DC – The Central Bank of Nigeria (CBN) and the National Bank of Angola have signed a landmark Memorandum of Understanding (MoU) to deepen bilateral technical cooperation and strengthen cross-border financial supervision between the two institutions.
The agreement, signed on the sidelines of the ongoing 2025 IMF/World Bank Annual Meetings in Washington DC, is expected to promote knowledge exchange, improve regulatory coordination, and enhance capacity in the execution of central banking functions.
The Governor of the CBN, Mr. Olayemi Cardoso, and his Angolan counterpart, Mr. Manuel Antonio Tiago Dias, jointly signed the document in a brief but symbolic ceremony attended by senior officials from both institutions.
Speaking at the signing, Cardoso described the MoU as a “timely and significant milestone” in fostering regional cooperation among African central banks.
He noted that the agreement had been in the works for some time and reflected the growing understanding that collaboration was essential to addressing Africa’s shared economic challenges.
He said, “This is something that has been long in the making, and I’m very pleased that we have been able to execute the agreement today.
“Quite frankly, it couldn’t be coming at a better time or place. This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.”
Cardoso emphasized that the pact was in line with the CBN’s strategy to promote regional stability, support cross-border financial integration, and build institutional resilience across Africa.
“We need more and more cooperation. African economies face similar challenges, from monetary policy management to financial supervision and digital transformation.
“This agreement gives us the opportunity to strengthen regional understanding, share experiences, and build a more interconnected and robust financial system,” he added.
In his remarks, CBN Deputy Governor (Economic Policy), Dr. Muhammad Sani Abdullahi, explained that the MoU provides a structured framework for both central banks to share knowledge, technical expertise, and supervisory information.
He said the objectives of the agreement include establishing a bilateral platform for reciprocal exchange of technical assistance, enhancing capacity development, and fostering collaboration in the supervision of financial institutions that operate across borders.
Abdullahi outlined several key areas of cooperation under the MoU, including exchange control, management of financial markets and foreign reserves, currency management, economic research, and monetary and financial statistics.
Others include payments systems, financial sector development, banking regulation, cybersecurity, anti-money laundering and counter-financing of terrorism (AML/CFT), and staff training.
He also highlighted the agreement’s focus on ensuring transparent and smooth exchange of information between the two central banks, particularly in the licensing, ongoing supervision, and resolution of cross-border financial establishments.
“The cooperation will strengthen our capacity to manage systemic risks and ensure stability in our financial sectors,” Abdullahi said. “It also provides a platform for shared learning and innovation in central banking operations.”
Cardoso expressed optimism that the MoU would yield tangible results in the near term. “I believe this is truly a landmark for both organizations and for both countries,” he said. “The outcomes of this cooperation will be mutually beneficial and will strengthen the institutional frameworks that underpin our economies.”
The CBN governor concluded his remarks by reaffirming Nigeria’s commitment to supporting collaborative initiatives that advance Africa’s financial and economic development.
For Angola’s central bank governor, Mr. Manuel Tiago Dias, the MoU represents an important step toward building stronger financial ties between the two countries and, by extension, among African nations.
He noted that both central banks share common objectives of promoting macroeconomic stability, developing efficient payment systems, and safeguarding their financial sectors against global vulnerabilities.
The CBN had, in recent month, intensified efforts to strengthen its international partnerships and deepen regional collaboration.
The latest agreement with Angola builds on similar engagements with other central banks on the continent, reflecting Nigeria’s growing role in shaping regional financial integration and macroeconomic stability.
The signing of the MoU marks a new chapter in the growing partnership between Nigeria and Angola two of Africa’s leading oil-producing nations and underscores the vital role of regional cooperation in driving sustainable economic transformation across the continent.
