Chinese banks are planning to open offices in Nigeria, according to Ambassador Cui Jianchun on Tuesday.
The envoy stated that Nigerian financial institutions are welcome to operate in his country if they choose to do so.
The Ambassador stated that he is working to ensure that banks open in China and has taken the necessary steps.
Jianchun told reporters in Abuja that investments in both countries would increase the currency swap agreement’s chances of success.
He confirmed that the Chinese and Nigerian central banks are expanding the framework for the N750 billion initiative.
“The two central banks are implementing the agreement; the framework would be expanded.”
“I believe it is already in operation.” “I am working to establish Chinese banks in Nigeria, as well as for Nigerian banks to operate in China,” he said.
Jianchun went on to say that China wants closer ties between Chinese and Nigerian lawmakers.
The encoy announced that the Forum on China-Africa Cooperation’s 8th Ministerial Conference will be held in Senegal in November.