Chinese-owned bank operations will soon begin in Nigeria.

Chinese Ambassador to Nigeria, Cui Jianchin, announced this during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week on Tuesday.

Jianchin said his country is working hard to set up Chinese-owned banks in Nigeria.

He noted that among the world’s ten biggest banks, six were in China.

“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 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.”

He explained that it would boost Nigeria’s economy and expand trade relations between the two nations.

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The ambassador also revealed that establishing Chinese banks in the country would also be a point of discussion during the China-Nigeria Bi-national Committee meeting.

“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.”