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HomeWorldWill China take hold of Africa's economy? Dragon is about to...

Will China take hold of Africa’s economy? Dragon is about to set up its bank in Nigeria, business is growing continuously

Chinese President Xi Jinping

China Looking to Establish Banks in Nigeria: China, embroiled in territorial disputes with many countries of the world, is continuously strengthening its penetration in far flung areas. Now he plans to set up his own bank in Nigeria. Recently, the Mid-Autumn Festival of China was celebrated in Abuja, the capital of Nigeria. During this, Chinese Ambassador to Nigeria Cui Jianchun said that he is in talks with some big banks of China, so that they can be operated in Nigeria as well. Cui talked about the growing ties between Nigeria and China and stressed the importance of banking and banking systems in the development of both countries.

He told about the talks on this issue with the Nigerian Central Bank and the Nigerian Central Government in Abuja. China is now strengthening its hold in Nigeria’s financial sector as well. Earlier in the year 2018, it had signed a three-year currency exchange agreement. Under which Nigeria had to transfer some of its foreign reserves to China (China Africa Economy). This agreement was the beginning of a change in relations between Nigeria and China. It is also being seen as a change in relations between China and the African continent. Where financial agreements for a long time have been focused on infrastructure and loans for business.

Zimbabwe also signed

In the year 2020, Zimbabwe became the fourth African country to sign a currency exchange agreement with China after South Africa, Nigeria and Ghana. In recent times, there has been a significant increase in trade between African countries and China. China is now considered the largest trading partner of sub-Saharan Africa (China Bank in Nigeria). Since the early 2000s, China’s trade with Africa has grown by more than 2,000 percent, reaching $200 billion in 2019. China then announced its $1 billion Belt and Road Africa Infrastructure Development Fund to help develop roads and necessary infrastructure to aid trade in Africa.

getting stronger hold on business

Since then, China’s hold on the trade here is getting stronger. As of 2017 there were reportedly more than 10,000 Chinese-owned companies operating across the continent. The value of these Chinese businesses is more than $2 trillion. China is positioning itself as a rising superpower, which seeks to differentiate itself from the West and be a better economic partner (China Business With African Countries). However, its presence in Africa is also considered strategic. The establishment of banks in Nigeria and later across the continent of Africa would help China achieve its goal of becoming a global reserve currency.

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