Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in negotiations with Chinese-owned banks about setting up shop in Nigeria.
The goal, according to the ambassador, is to bolster Nigeria’s economy and expand trade ties between the two countries.
Cui stated this to journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural Week on Tuesday in Abuja.
According to Cui, one of the main topics of discussion at the China-Nigeria Binational Committee conference, which he is also advocating for, will be the development of Chinese banks in Nigeria.
He stated that a strong financial institution was a critical driver in establishing a robust economy, and that Nigeria might benefit from China’s experience in this regard.
“Before flying from Beijing to Abuja, I spoke with a number of Chinese banks. Six of the world’s ten largest banks are located in China.
“The banking sector is critical because we cannot build our industries without money.
“What I’m thinking here is that it’s best to speak with the governor of the Central Bank about how we can allow Chinese banks to operate here and now; they’re doing feasibility studies on it.
“I’m working hard so that at the Bi-national meeting, we can make a major decision and give a strong push to the banking and insurance industries because financial integration and institutions are critical.
“If you travel to China, you will discover that our banking industry is extremely powerful, not only for business but also for social change.
“The Banking Industry is a little hesitant because of the COVID-19, but I told them that Nigeria has a lot of human resources and that if we work together, we can accomplish a lot.
“That is why, in order to solve this problem, it is critical to invest in the banking industry,” Cui stated.
Cui praised the existing China-Nigeria trade relations, noting that the volume of commerce between the two countries is about 20 billion US dollars, up from 19.2 billion dollars in 2020.