Weeks after the Central Bank of Nigeria sealed a strategic $2.5bn bilateral currency swap with the Peoples Bank of China (PBoC), the Lord Mayor of London, Charles Bowman, on Friday told Reuters of that both nations are seeking ways to list Naira-denominated bonds on the London Stock Exchange.

This, he said, is to help fund infrastructure projects in Nigeria.

Bowman, who acts as an ambassador for the British capital’s financial district, spoke during a three-day visit to Nigeria during which he met with Vice President Yemi Osinbajo, as well as Okechukwu Enelamah, Industry, Trade and Investment Minister, and representatives of both the Nigerian Stock Exchange and the CBN.

“We are looking at clever methods of essentially being able to list, by way of example naira-denominated bonds, but having those listed on the London Stock Exchange. Having local bonds with an access point into the London Stock Exchange,” said Bowman.

Bowman who spoke with Reuters in an interview in Lagos, did not however provide specific details of who had been involved in the talks, how advanced discussions were or when such a move could take place.

“We have a lot of capital in London but we don’t have the projects to support. Nigeria has lots of projects to support and not the capital – you are reliant on the banking structure,” said Bowman.

“Unleash the capital market, link London and Nigeria and what a great opportunity.

“Nigeria is an example where in due course one would hope to have a profitable, pragmatic free trade agreement,” said the lord mayor.

His comments come after Britain in February said its export finance agency would add the Naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.

He said the finance agency has so far provided 20 million pounds to local businesses from its £750m facility.

Britain is due to leave the EU in March next year, a month after presidential elections are scheduled to hold in Nigeria.

Bowman said peaceful elections next year could help boost Nigeria’s image abroad and attract the sort of capital badly needed in the West African nation to develop infrastructure and propel growth.

Pix Caption: From left to right: Tinuade Awe, Executive Director, Regulation, The Nigerian Stock Exchange (NSE) presenting a replica of the closing gong to Alderman Charles Bowman, The Rt. Hon. the Lord Mayor of the City of London during a Closing Gong Ceremony at the Exchange on Thursday, June 28, 2018.