The Chinese Ambassador to Nigeria, Cui Jianchin, says he is in talks with Chinese-owned banks to establish operations in Nigeria.

This, the envoy said, is to boost Nigeria’s economy and expand trade relations between the two nations.

Cui made this known on Tuesday in Abuja while addressing Journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week.

According to Cui, the establishment of Chinese Banks in Nigeria will also be one of the key areas of discussion during the China-Nigeria Binational Committee meeting, which he is also pushing for the establishment.

He said that an efficient financial institution was a key driver to achieving a strong economy, one Nigeria can learn from China’s experience.

“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.

“And that is why it is important to invest in the banking industry, to solve this problem,” Cui said.

Extolling the extant China-Nigeria trade relations, Cui noted that the volume of trade between China and Nigeria is nearly 20 billion US Dollars, with an increase from 2020’s 19.2 billion dollars.

News credit: Punch NG

https://punchng.com/envoy-mulls-establishment-of-chinese-banks-in-nigeria/

Cc: Mynd44, OAM4J, Lalasticlala

Ok

Gbham, little by little the pig's mouth is getting to the compound.

The Chinese have a proverb that says " when you want to take something big , you give something small ". He who has ears let him hear!

Will this help our balance of trade?
Will it reduce the pressure on the naira from dollar denominated transactions?
Is it connected to the loans and infrastructural support from China?
Will our commercial banks compete favourably with them?
Only time will tell!

It’s China that will recolonize Africa!

Neo-colonialism.

Buhari attracting foreign investors. Nice one.

(Cha Chun chuaya) good morning in china

Imagine going to the bank to complain and the Chinese manager kicks you out with kungfu

Nigerians need to block this with every fiber of their being or risk future generations cursing you in your grave for not preventing a THIRD colonial era on the continent.

Gradually they are coming to take charge of Nigeria economy.

Lol

Make sure open a branch in the East, Igbos are your biggest traders as a group. I want to be able to go to Jianchen Bank in Onitsha and pay my Chinese customers in Guangzhou and Yiwu.