China Will Open Banks in Nigeria, Africa
China is planning to establish a bank in Nigeria. Sure, they already have the largest (on market cap) financial institution in Nigeria (OPay). Do not panic, I expect China to have banks in all African capitals by 2030 to enable the rise of e-Yuan. Once you have operating branches for e-Yuan, who will bother for US dollars when most Nigerians actually source for USD in order to import from China.
For years, Chinese businesses in Nigeria have been significant with construction, technology and clothing. But that’s about to change as the world’s second-largest economy is moving to establish its presence in the Nigerian banking industry.
Cui Jianchin, the Chinese Ambassador to Nigeria, says he is in talks with Chinese-owned banks to establish operations in Nigeria, NAN reports.
