Chinese banks to operate in Nigeria soon — Envoy 

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The Chinese ambassador to Nigeria, Mr Cui Jianchun, has disclosed Nigerians should expect the operations of Chinese banks in the country.

Jianchun made the disclosure at a news conference in Abuja on Tuesday, while responding to questions from journalists on the success of the currency swap between the two countries.

Mr Jianchun, who said China has been working hard to ensure Nigerian banks commence operation in China, also revealed that China was taking the necessary steps to ensure the setting up Chinese financial institutions in Nigeria.

He explained that the framework for the N750 billion initiative was being expanded by the Chinese and Nigerian central banks.

“The agreement is being implemented by the two central banks, the framework would be expanded. I believe it is already working and I am working to have Chinese banks here in Nigeria and also for Nigerian banks to operate in China,” he said.

The Chinese ambassador added that the Chinese government desires to have closer collaboration between the Chinese lawmakers and their Nigerian counterparts. On this basis, he said the eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC), will be held in Senegal in late November.

He added that since its establishment over 21 years ago, FOCAC has bolstered high-level interactions and political trust between China and Africa, delivering a leap in Sino-Africa relations.

Jianchun said, “FOCAC has now turned itself into a pacesetter for cooperation with Africa and a fine example of mutually beneficial cooperation in the world.

“Africa and China have stepped up mutual support in issues involving each other’s core interests and major concerns, work together for greater democracy in international relations, stay committed to multilateralism and align global governance reforms with the common interests of developing countries.”

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