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Chinese Banks Mull Nigeria Operations
~0.8 mins read
Chinese Banks Mull Nigeran Operations Amid Trade Increase Chinese banks are thinking of coming to Nigeria as trade volume between Nigeria and China has jumped over the years This year alone, trade between the two countries has jumped to N1.49 trillion from N579 billion in the second quarter of 2018 The trade increase comes as the two nations signed a currency swap deal in 2018 to ensure hassle-free transactions
The Chinese Ambassador to Nigeria, Cui Jianchun, said some Chinese banks are mulling the option of establishing operations in Nigeria to take advantage of the growing transactions between the two countries. The Ambassador said this during BusinessDay’s CEO Forum in Lagos and tagged Managing the Future: Unlocking the Power of the Platform Economy.
Chinese banks set to set up shop in Nigeria Credit: Chien-min Chung / Contributor Source: Getty Images Trade between Nigeria and China grows Trade between Nigeria and China has doubled in the last four years and jumped 157 per cent to N1.49 trillion in the second quarter of this year from N578 billion in the second quarter of 2018.
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