Chinese-owned banks to establish operations in Nigeria

Chinese-owned banks to establish operations in Nigeria – Chinese Ambassador to Nigeria, Cui Jianchin, has said he is in talks with Chinese-owned banks to establish operations in Nigeria to boost Nigeria’s economy and expand trade relations between the two nations.

Mr Jianchin disclosed this on Tuesday in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week, NAN reported.

He explained that establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Binational Committee meeting.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 big banks, six are in China. The banking sector is very important because, without money, we cannot build our industries,” Jianchin said

“What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that.

“I am working hard that in the binational meeting, I hope we can make a big decision and give a big push to let the banking industry and insurance industry because financial integration and institutions are key,” Mr Jianchin added. “If you go to China, you will find our banking industry is very powerful, not only for business but a change in the way of life.

Extolling the extant China-Nigeria trade relations, the Chinese ambassador noted that the trade volume between China and Nigeria was nearly $20 billion, increasing from 2020’s $19.2 billion.

According to Mr Jianchin, the 2021 celebration is special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations and that the countries share October 1 national day.

He disclosed that the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.