Chinese Banks To Open In Nigeria

Chinese Banks To open In Nigeria
Chinese Banks To open In Nigeria

Chinese Banks To open In Nigeria


The Chinese Ambassador to Nigeria, Cui Jianchin, says he is in negotiations with Chinese-owned banks about setting up shop in Nigeria.


“Before flying from Beijing to Abuja, I spoke with a number of Chinese banks. Six of the world’s ten largest banks are located in China.

Chinese Banks To open In Nigeria

iexclusivenews Nigeria reports that Mr Jianchin noted that the banking industry is critical because “we cannot expand our industries without money.”


“What I’m thinking here is that it’s preferable to speak with the governor of the central bank about how we can allow Chinese banks to operate here and now; they’re performing feasibility studies on it.


This, according to the ambassador, would help Nigeria’s economy and improve commercial ties between the two countries.


Mr Jianchin made the announcement to press in Abuja on Tuesday during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week.


He added that the establishment of Chinese banks in Nigeria would also be discussed at the China-Nigeria Binational Committee conference.


Mr Jianchin continued, “I am working hard so that in the binational summit, we can make a huge decision and give a big push to let the banking and insurance industries because financial integration and institutions are vital.”


“If you travel to China, you will discover that our banking industry is extremely powerful, not only for business but also for social transformation.


The Chinese envoy praised the existing China-Nigeria trade relations, noting that the trade volume between the two countries was about $20 billion, up from $19.2 billion in 2020.


According to Mr Jianchin, the 2021 event is noteworthy because it corresponds with the 50th anniversary of bilateral relations between China and Nigeria, as well as the fact that both nations celebrate October 1 as their national day.


He revealed that the Chinese embassy in Nigeria would honor 50 Nigerian employees of Chinese enterprises in Nigeria for their exceptional performance and commitment to the strengthening of diplomatic ties.