Chinese Banks Set To Establish Operations In Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchin, has disclosed that his country is working towards the establishment of Chinese-owned bank operations in Nigeria.

Jianchin made this known in Abuja while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday.

Jianchin who said he was in talks with Chinese-owned banks, noted that among the world’s 10 biggest banks, six were in China.

“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.

“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.”

He explained that it would boost Nigeria’s economy and expand trade relations between the two nations.

Establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Bi-national Committee meeting, Jianchin said.

“I am working hard that in the bi-national 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.

“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.

Jianchin affirmed that 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.

According to News Agency of Nigeria, 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.