Chinese Banks To Establish Operations In Nigeria

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Chinese banks set to establish operations in Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchin, has said that he is in talks with Chinese-owned banks about establishing operations in Nigeria, Njenje Media News reports.

Mr. Jianchin stated this in Abuja on Tuesday, while addressing journalists during the observance of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week.

He noted that the aim is to boost Nigeria’s economy and expand trade relations between the two nations.

According to Cui, one of the main topics of discussion at the China-Nigeria Binational Committee conference, which he is also advocating for, will be the development of Chinese banks in Nigeria.

He stated that a strong financial institution was a critical driver in establishing a robust economy, and that Nigeria might benefit from China’s experience in this regard.

“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 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 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 change in the way of life.

“Because of the COVID-19, the Banking Industry is a little hesitant, but I told them Nigeria has a lot of human resources and as long as we work together, we can do big things.

“And that is why it is important to invest in the banking industry, to solve this problem,” Cui said.

Cui praised the existing China-Nigeria trade relations, noting that the volume of commerce between the two countries is about 20 billion US dollars, up from 19.2 billion dollars in 2020.

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