Washington: The National Reserve Bank of Angola (BNA) and the Central Bank of Nigeria have signed a memorandum of cooperation aimed at encouraging investment from businesspeople in both countries. The agreement was signed by the Governors of the respective central banks, Manuel Tiago Dias from Angola and Olayemi Cardoso from Nigeria.

According to Angola Press News Agency, the memorandum seeks to facilitate the exchange of experiences, technical training, and information in banking supervision between the two countries. Manuel Tiago Dias highlighted that Angola already hosts a Nigerian-origin banking institution, and the new protocol is expected to further strengthen relationships between Angolan and Nigerian commercial banks, offering benefits to businesspeople in both nations.

Olayemi Cardoso, the governor of the Central Bank of Nigeria, expressed satisfaction with the execution of the agreement in a forum accommodating various interests. He noted the necessity of such partnerships for Africa, stating that both countries face similar challenges and would benefit from increased cooperation.

The memorandum outlines several areas of cooperation, including the establishment of a bilateral forum for reciprocal exchanges and the sharing of technical assistance to enhance the Central Bank of Nigeria’s operational capabilities. It also covers the supervision of authorized institutions, the exchange of cybersecurity information, and the development of licensing, supervision, and resolution planning strategies.

Additionally, the agreement aims to ensure the transparent exchange of information and establishes procedures for such exchanges. Specific areas of focus include exchange control, financial markets, foreign reserves, current account management, economic research, and the collation of monetary and financial statistics.

The Angolan delegation, led by the Minister of Planning, Victor Hugo Guilherme, includes the Secretary of State for Finance and Treasury, Ottoniel dos Santos, alongside officials from the Ministries of Finance, Planning, Transport, and the National Bank of Angola (BNA).