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China ‘In Talks’ With CBN To Establish Chinese-Owned Banking Operations In Nigeria

Chinese government considering commencing banking operations in Nigeria.

Chinese Government is seeking to invest in Nigeria by establishing banking operations in the country.

China 'In Talks' With CBN To Establish Chinese-Owned Banking Operations In Nigeria

The Chinese Ambassador to Nigeria, Cui Jianchin has revealed that he’s in talks with the Central Bank of Nigeria (CNB) to establish Chinese-owned banking operations in Nigeria.

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

According to him,  the establishment of Chinese-owned banks in the country would boost Nigeria’s economy and expand trade relations between the two nations.

“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.

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“What I am thinking here is best to talk to the governor of the central bank, and how we can allow the Chinese banks to run office here and now, they are doing the feasibility studies on that.”

Establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Bi-national Committee meeting, Jianchin said.

“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 a change in the way of life.”

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

Mr Jianchin affirmed that the 2021 celebration is special as it coincides with the 50th anniversary of China-Nigeria’s bilateral relations and that the countries share October 1 national day.

According to News Agency of Nigeria, he disclosed that the Chinese embassy would honour 50 Nigerian employees of Chinese companies in Nigeria for their outstanding performance and contribution to strengthening diplomatic ties.

Meanwhile, the Federal Government has announced that China has approved the 85% loan required to fund the $2.6bn Ajaokuta-Kaduna-Kano (AKK) gas pipeline project.

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