Chinese banks considering plans to establish operations in Nigeria - Ambassador - Newstrends
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Chinese banks considering plans to establish operations in Nigeria – Ambassador

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There are indications that some China-based banks will soon establish operations in Nigeria for smooth finance of Nigerian projects being executed by Chinese firms.

Already, the Chinese authorities said they had commenced discussions some banks in China to extend their operations to Nigeria.

The Chinese Ambassador to Nigeria, Cui Jianchin, gave the hint while speaking with journalists in Abuja on Tuesday.

Many of the railway projects in Nigeria are being handled by Chinese companies and the finances are mainly through loans from China. Some of these loans are being delayed due to logistics.

Jianchin said the establishment of China-based banks in Nigeria would boost Nigeria’s economy and expand trade relations between the two nations.

He spoke during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.

He said the issue would be one of the key areas of discussion during the China-Nigeria Bi-national Committee meeting.

According to him, an efficient financial institution is a key driver to achieving a strong economy, going by the China’s experience.

He said, “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.”

Jianchin also said the volume of trade between China and Nigeria is nearly $20bn.

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BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision

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BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collisio

Several passengers were injured on Monday after a train travelling along the Abuja–Kaduna rail corridor derailed following a collision, authorities have confirmed.

The incident reportedly occurred near Asham along the busy rail line linking Abuja with Kaduna State, causing panic among passengers onboard the train.

The Managing Director of the Nigerian Railway Corporation (NRC), Kayode Opeifa, confirmed the development, stating that emergency response teams were immediately deployed to the scene following the derailment.

According to preliminary reports, the train derailed after colliding with another object on the track, though officials have yet to disclose full details about the circumstances surrounding the accident.

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Several passengers sustained injuries during the incident and were evacuated to the medical facility at the Idu Railway Station for treatment. Authorities, however, said no fatalities had been recorded as of the time of filing this report.

Eyewitness accounts and videos circulating on social media showed damaged train coaches and railway personnel assessing the situation while stranded passengers gathered near the tracks after disembarking from the train.

The Abuja–Kaduna rail corridor is one of Nigeria’s busiest passenger routes and serves thousands of commuters daily, particularly travellers seeking a safer alternative to road transportation.

Officials of the Nigerian Railway Corporation said investigations have commenced to determine the exact cause of the collision and derailment.

More details are expected as authorities continue rescue operations and assess the extent of the damage.

BREAKING: Several Passengers Injured as Abuja–Kaduna Train Derails After Collision

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NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices

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NAJA to Tinubu: Guarantee crude supply to local refineries to tame petrol prices

 

The Nigeria Auto Journalists Association (NAJA) has urged President Bola Tinubu to ensure steady supply of crude oil to domestic refineries, particularly the Dangote Refinery, as part of measures to reduce the impact of rising petrol prices.

The association said prioritising crude allocation to local refineries would help Nigeria reduce its exposure to global energy shocks currently driving up fuel costs amid tensions in the Middle East.

The call came days after the Federal Government unveiled a plan to distribute 100,000 Compressed Natural Gas conversion kits nationwide to encourage motorists to switch to alternative fuel and reduce dependence on petrol.

While describing the CNG initiative as a positive step, NAJA stressed that strengthening domestic refining through reliable crude supply remains a more sustainable solution to Nigeria’s fuel pricing challenges.

NAJA Chairman, Theodore Opara, said the government should adopt policies that allow local refineries to obtain crude directly from the Nigerian National Petroleum Company Limited (NNPC), preferably in naira.

According to him, the current arrangement—where the Dangote Refinery imports a large share of its crude—leaves the facility vulnerable to global supply disruptions and price fluctuations.

“Dangote Refinery imports most of its crude, hence it is exposed to the effects of the ongoing crisis in the Middle East,” Opara said. “Direct crude supply from the NNPC will strengthen the country’s long-term energy diversification strategy and reduce exposure to international supply shocks.”

He noted that despite being Africa’s largest crude oil producer, Nigeria still depends heavily on imported refined petroleum products, a situation that continues to expose the economy to volatility in the international oil market.

Opara argued that allowing domestic refineries to source crude locally and transact in naira would not only stabilise the downstream petroleum sector but also reduce pressure on the local currency.

“If Nigeria’s major refineries, including Dangote, receive crude locally and transact in naira, the country will reduce its vulnerability to global market disruptions,” he said.

He added that while the government’s CNG programme could provide relief for motorists in the medium term, ensuring optimal operation of domestic refineries would deliver quicker and more far-reaching benefits for fuel pricing.

“CNG is a good transition policy for transportation, but the backbone of Nigeria’s fuel supply must still come from efficient domestic refining,” he said.

Industry analysts say a coordinated strategy that combines the CNG initiative with strong support for domestic refining could help shield Nigerian consumers from the impact of international oil market volatility.

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Naira Gains Ground in Official FX Market, Ends Week on High Note

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Naira Gains Ground in Official FX Market, Ends Week on High Note

The Nigerian naira ended the week on a stronger footing at the official foreign exchange (FX) market, closing at ₦1,366.23 per US dollar on Friday, according to the Central Bank of Nigeria (CBN). This marked a ₦5.27 gain over Thursday’s rate of ₦1,371.50, representing a 0.3% weekly improvement.

Throughout the week, the naira recorded steady gains, reflecting improved liquidity in the official FX window and growing confidence among investors and traders. On Monday, the currency opened at ₦1,405.62 per dollar, appreciating slightly to ₦1,401.40 on Tuesday and ₦1,376.19 on Wednesday before closing stronger on Friday. Analysts said this upward trend signals a stabilising official exchange market amid ongoing monetary reforms.

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Market observers attribute the naira’s appreciation to a combination of enhanced FX supply, consistent trading activities, and the CBN’s continued interventions to boost stability in the official market. The gradual recovery is seen as a positive indicator for importers, businesses, and consumers, as it helps moderate inflationary pressures and reduces the cost of foreign-denominated goods.

While the official market shows signs of stability, rates in the parallel market remain influenced by demand pressures. Experts, however, note that narrowing the gap between official and parallel exchange rates will require sustained policy consistency, stronger FX inflows, and continued investor participation.

The recent performance underscores the resilience of the naira and highlights the impact of strategic interventions by the Central Bank aimed at strengthening the currency, improving market depth, and supporting Nigeria’s broader economic recovery objectives.

Naira Gains Ground in Official FX Market, Ends Week on High Note

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