China Plans to Establish Banking Operations in Nigeria

The Chinese government is considering the commencement of banking operations in Nigeria. According to an online publication, Chinese ambassador to Nigeria, Ciu Jianchin, says he is in talks with Chinese-owned banks to establish these operations.

For years, Chinese businesses in Nigeria have been significant with construction, technology and even clothing and now is about to mark huge significance as the world’s second- largest economy is moving to establish its presence in the country.

Mr. Cui Jianchin, while speaking during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week, noted that the establishment of such a financial institution would boost the Nigerian economy.

He stated that China is home to major banks and various financial institutions.

“Before my departure from Beijing to Abuja, I talked to several banks in China. When you list the world’s 10 biggest banks, six are in China.

“The banking sector is very important, because without money, we cannot build our industries”, he explained.

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

According to Mr. Jianchin, the 2021 Moon 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.

Speaking at the event, the Permanent Secretary, Federal Ministry of Information and Culture, Mrs. Ifeoma Anyanwutaka, also lauded the Nigeria-China relations which have recorded great successes 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 art, music, dance, exhibition, cultural administration, training, and capacity building of cultural officers.”

She also stated that the recent development of Cultural Industry centers in the country has served as a dependable ally in the past through various youth-orientated programs.

Mr. Jianchin finally disclosed that the Chinese embassy would honor 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.