Chinese banks considering plans to establish operations in Nigeria – Ambassador

 

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.