China working to set up banks in Nigeria – Chinese ambassador
The Chinese Ambassador to Nigeria, Mr Cui Jianchun, has said Nigerian banks will soon commence operations in China, adding that he is working hard to make this a reality.
Jianchun said to boost trade and commerce between China and Nigeria, he was equally taking the necessary steps that would lead to the setting up of Chinese financial institutions in Nigeria.
Responding to questions from The PUNCH on the currency swap between the two countries at a news conference in Abuja on Tuesday, he explained that the framework for the N750bn initiative was being expanded by the Chinese and Nigerian central banks.
He said, “The agreement is being implemented by the two central banks; the framework would be expanded. I believe it is already working, and I’m working to have Chinese banks here in Nigeria and also for Nigerian banks to operate in China.” Jianchun, who expressed the desire for closer collaboration between the Chinese lawmakers and their Nigerian counterparts, disclosed that the eighth Ministerial Conference of the Forum on China-Africa Cooperation would be held in Senegal in late November.
According to him, 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.