Nigeria

China Banks considering operation in Nigeria – envoy

The Chinese Ambassador to Nigeria, Ambassador Cui Jianchun, has said that the trade volume between his country and Nigeria was $20bn in 2020 despite the coronavirus pandemic.

Cui Jianchin, the Chinese Ambassador to Nigeria, 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 newsmen 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 be one of the key areas of discussion during the China-Nigeria Binational Committee meeting, which he is also pushing for establishment.

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

Cut said: “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 a 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.”

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

Cui said the Chinese economy is restoring to the 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 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 October 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.

Anyanwutaku said: “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.”

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