Chinese banks to begin operations in Nigeria

Talks between the Chinese government and Nigeria are underway for the establishment of Chinese banks in Nigeria. Both parties hope that this will facilitate trade relations between the two nations.

The Chinese Ambassador to Nigeria, Mr Cui Jianchin, while speaking during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week, noted that the establishment of Chinese owned financial institutions would boost Nigeria’s economy.

According to him, six of the world’s 10 biggest banks were in China, hinting that extensive discussions on the establishment of the China-owned banks in the country would take place during the China-Nigeria Bi-national 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.

“What I am saying here is that we talked to the governor of the central bank, about how we can allow the Chinese banks to run offices here and now, they are doing the feasibility studies on that,” he 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 the banking industry and insurance industry because financial integration and institutions are key,” the envoy added.

According to Mr Jianchin, the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

Speaking at the event, the Permanent Secretary, Federal Ministry of Information and Culture, Mrs Ifeoma Anyanwutaku, also lauded the Nigeria-China relations which has recorded great success over the past five decades.

She said, “The five decades of co-operation had since witnessed several cultural activities and exchanges in the spheres of arts, music, dance, exhibition, cultural administration, training, and capacity building of cultural officers.

“And recently, the development of Cultural Industries centres in Nigeria, amongst others. I must add that China, through the youth-oriented programs such as the photos competition and similar activities in the past is surely a dependable ally.”

Recently, the Cultural Counselor, Chinese Embassy in Nigeria, Mr Li Xuda, during the commemoration of the 2021 International Day for the Remembrance of Slave Trade and its Abolition, said that China is also ready to work with Nigeria to fight against modern-day slavery, a menace a lot of Nigerians have fallen victim to.

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Written by Andrew Odoe
Serial Entrepreneur, Humanitarian, Social Activist and Writer.
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