China to set up Banks in Nigeria; priorities political, economic cooperation

China to set up Banks in Nigeria; priorities political, economic cooperation

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.

Also, Mr Cui Jianchun, Ambassador of China to Nigeria, said on Tuesday that the country would prioritize the implementation of its political and economic cooperation with Nigeria, to achieve growth.


Cui stated this in Abuja while briefing newsmen on the occasion of the 50th anniversary of the restoration of China’s seat in the United Nations.


The ambassador explained that the anniversary was in commemoration of the UN General Assembly’s recognition of China’s representatives and the expulsion of Chiang Kai-shek, then leader of Taiwan, from the organisation, on Oct. 25, 1971.


Quoting Chinese President Xi Jinping’s remarks at a conference to commemorate the event, the envoy said, “restoration of New China’s lawful seat in the UN was momentous for the world and the organisation.”


He further said, “How can we implement these strategies for road development progress? We covered five goals; the first goal is political consonance and the second is economic cooperation.


“Today, we consider how we can implement two of the goals through international coordination, in terms of how ‘Nigeria supported China’ since we established diplomatic ties, on Feb. 10, 1971.


“The two nations established diplomatic relations in February, 1971 and on October 1, 1971, the then Nigerian government made a decision to support the move to restore the rights of China in the UN system.


“We are grateful to Nigeria, because that formed the foundation for the two nations; 26 countries in Africa supported China; we have done a lot in the past 50 years.


“I think in the relationship between China and Nigeria we have done a lot in the past 50 years, we believe we have to trace the history, that is the international correlation from 1971.”

Cui explained that even before 1971, the two countries supported each other, adding that it was the best for both of them to have come a long way internationally.


He identified the five mutual goals between the two countries to include, political consonance, economic cooperation, military cooperation, international coordination and people communication.


Cui reiterated Xi’s focus on peace and development, upholding and supporting the principles of the UN, international fairness and justice, as well as global order governance.


He further quoted Xi as saying, “For the past 50 years, China has written an epic chapter in the development of China and humanity, and also contributing significantly towards world peace and development.


“Upholding the authority and sanctity of the UN and practicing multilateralism; we strongly advocate peace, development, equity, justice, democracy and freedom.


“It is important for China to build a community with a future for mankind and work together to build an open, inclusive, clean, beautiful world that enjoys lasting peace, universal security and common prosperity.


“We are committed to mutual benefits and win-win results, and work together to promote economic and social development for the greater benefit of our people.


“We should step-up cooperation, work together to address challenges and global issues that are facing humanity and regularly uphold the authority of the UN to practice true multilateralism,” he added.


Ambassador Cui also noted that China had so far recorded successes in its contribution to world peace and global development order, while commending Nigeria’s role in Africa in this regard.


He said China would continue to support Nigeria’s leadership positions in the World Trade Organisation and the African Development Bank, to strengthen bilateral ties between both countries in global development initiatives.

Cui said that Nigeria could learn from China’s success in the centenary of the Communist Party of China, poverty to prosperity, efforts to biodiversity and reunion of the Forum on China-Africa Cooperation.


He said that China recorded lots of achievements in climate change, through adequate investments in ecological civilization, and urged the Federal Government to work closely with his country to achieve targets.


The ambassador added that China and Nigeria would continue to work collectively, to realise their common goals in areas of currency unification and the Belt and Road Initiative, to boost shared benefits

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