China could launch banking operations in Nigeria

By Ashemiriogwa Emmanuel

The Chinese government plans to start banking operations in Nigeria and hopes this will facilitate trade relations between the two nations.

Chinese Ambassador to Nigeria, Mr. Cui Jianchin, speaking at the commemoration of the 2021 Chinese Moon Festival and the China-Nigeria Cultural Week, noted that the establishment of such a financial institution would boost the economy of Nigeria.

According to him, six of the world’s 10 largest banks were in China, hinting that in-depth discussions on establishing Chinese banks in the country would take place during the meeting of the China-Nigeria Binational Committee.

“Before I left Beijing for Abuja, I spoke to several banks in China. When you list the top 10 banks in the world, six are in China. The banking sector is very important because without money we cannot build our industries.

“What I think here is that it is better to talk to the governor of the central bank, and how we can allow Chinese banks to perform their functions here and now, they are doing feasibility studies on this” , did he declare.

“I am working hard so that in the binational meeting, I hope we can take a big decision and give a big push to leave the banking sector and the insurance sector because financial integration and institutions are essential” , added the envoy.

According to Jianchin, the Chinese Embassy would honor 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic relations.

Speaking at the event, the Permanent Secretary of the Federal Ministry of Information and Culture, Ms. Ifeoma Anyanwutaku also hailed the Nigeria-China relations which have recorded great successes over the past five decades.

She said: “The five decades of cooperation since then have seen several cultural activities and exchanges in the fields of arts, music, dance, exhibition, cultural administration, training and capacity building. capacities of cultural agents.

“And recently, the development of cultural industries centers in Nigeria, among others. I must add that China, through youth-oriented programs such as the photo contest and similar activities in the past, is certainly a reliable ally.”

Recently, the Cultural Counselor of the Chinese Embassy in Nigeria, Mr. Li Xuda, during the commemoration of the International Day for the Remembrance of the Slave Trade and its Abolition 2021, said that China is also ready to work with Nigeria to combat modern trafficking. slavery, a threat that many Nigerians fell victim to.

Darcy J. Skinner