Envoy ‘in talks’ with Chinese banks to establish operations in Nigeria

Cui Jianchun, Chinese ambassador to Nigeria, says there are ongoing talks with Chinese-owned banks to establish operations in Nigeria.

Jianchum said the move would boost Nigeria’s economy and expand trade relations between the two nations.

He spoke with journalists on Tuesday in Abuja during the commemoration of the 2021 Chinese moon festival and China-Nigeria cultural week.

“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,” NAN quoted Jianchun to have said.

“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.”

The ambassador said the establishment of Chinese banks in Nigeria will be one of the key areas of discussion during the China-Nigeria binational committee meeting.

He advised Nigeria to learn from China’s experience as an efficient financial institution was a key driver to achieving a strong economy.

“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,” he said.

“If you go to China, you will find our banking industry is very powerful, not only for business but a 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.”

Extolling the extant China-Nigeria trade relations, the Chinese ambassador said that the trade volume between China and Nigeria was nearly $20 billion, increasing from $19.2 billion in 2020.

He said both governments are working hard on how to expand imports and exports.

Jianchun said that the 2021 celebration of China’s moon festival was special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations.

To celebrate China-Nigeria relations, Jianchin said the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.