Envoy mulls establishment of Chinese Banks in Nigeria to boost economy

Chinese Ambassador to Nigeria Mr 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 in Abuja while addressing Journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week. According the 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. Cui said Chinese economy is restoring to normal post-COVID-19 pandemic and both governments are working hard on how to expand imports and exports.

Speaking on the event, Cui said the China’s moon festival is a very important and significant one for China as it symbolises family reunion, national peace and social harmony. The envoy said the 2021 celebration is also a special one as it coincides with the 50th Anniversary of China-Nigeria’s bilateral relations. He said that both countries also share Oct. 1 as their National Days. He said it is also on that note that the Chinese Embassy is honouring 50 Nigerian employees of Chinese Companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties. Dr Ifeoma Anyanwutaku, the Permanent Secretary, Federal Ministry of Information and Culture, also lauded the Nigeria-China relations. She said the relations had recorded great successes over the past five decades.

“The five decades of co-operation had since witnessed several cultural activities and exchanges in the spheres of arts, music, dance, exhibition, cultural administration, training and capacity building of cultural officers. And recently, the development of Cultural Industries centres in Nigeria, among others. I must add that China, through the youth-oriented programmes such as the photos competition and similar activities in the past is surely a dependable ally. In redirecting the energy and mind of our youth to creative ventures, thereby furthering the Nigerian government’s policy of lifting a hundred million Nigerians out of poverty in the next 10 years”, Anyanwukatu said.