Chinese banks to storm Nigeria soonest – Ambassador Jianchun

On Tuesday, the Chinese Ambassador to Nigeria Cui Jianchun revealed that plans are underway for Chinese banks to start operations in Nigeria.

The envoy noted that Nigerian financial institutions are welcome in his country if they decide to come on board.

The Ambassador said he was working to ensure the banks open in China and has been taking required steps.

Jianchun told reporters in Abuja that investments in both countries would boost the chances of the Currency Swap agreement and make it succeed.

He confirmed that the framework for the N750billion initiative is 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. I am working to have Chinese banks here in Nigeria and also for Nigerian banks to operate in China,” he said.

Jianchun added that China seeks closer ties between the Chinese and Nigerian lawmakers.

The encoy announced that the 8th Ministerial Conference of the Forum on China-Africa Cooperation will be held in Senegal in November.

Relations between Nigeria and China have expanded on growing bilateral trade and strategic cooperation. China is considered one of Nigeria’s closest allies and partners. China is also one of Nigeria’s important trading and export partners.