Economy

China in talks with Nigeria to set up Chinese banks in Nigeria – Ambassador

The Chinese Ambassador to Nigeria, Cui Jianchun, has revealed that China is working towards establishing Chinese-owned banks in Nigeria.

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

He said he had been in talks with Chinese-owned banks and these banks are among the biggest banks in the world. 

“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,” he 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 offices here and now, they are doing the feasibility studies on that.”

He further explained that the move, if successful, 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,” Jianchun added.

“I am working hard so that in the bi-national meeting, I hope we can make a big decision and give a big push to 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.

Mr Jianchun 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.

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