The Chinese Government is set to commence banking operations in Nigeria.
This was disclosed by the Chinese ambassador to Nigeria, Cui Jainchin, during the commemoration of the 2021 Chinese moon festival and China -Nigeria cultural week in Abuja.
This according to Jainchin is to boost Nigeria’s economy and expand trade relations between the two nations. Extensive discussion on the establishment of Chinese – owned banks in Nigeria would take place during the China -Nigeria bi-national committee meeting.
He explained further that the banking sector is very important because without money, industries can not be built and the economy cannot be developed.
He stated that six of the world’s ten biggest banks, are in china.
Jainchin noted that the volume of trade between China and Nigeria has increased from 19.2 billion dollars in 2020 to nearly 20billion US dollars.
