Demand for goods, machinery and more makes nation the second-largest African partner
The world's eighth-largest oil and gas exporter, Nigeria's socioeconomic development is being fueled by massive Chinese investment in key sectors such as energy, financial services, manufacturing, and technology.
With Africa's most populous country embracing privatization and economic diversification, Chinese enterprises are flooding in and taking advantage of the numerous foreign direct investment (FDI) opportunities.
While Nigeria's oil and gas industry is the main FDI destination, Chinese firms also have a solid presence in the construction, agriculture, education, and service sectors. Chinese investment in Nigeria is now worth an estimated $6 billion.
Increasing demand among Nigeria's 150 million citizens for Chinese-made goods such as motorbikes, textiles and machinery has resulted in the country becoming China's second-largest African trade partner behind South Africa.
The successful strategic partnership based on China's valuable skills, knowledge, and experience is set to strengthen over the next decade as Nigeria looks to achieve its infrastructural, economic and social goals under a development plan it calls Vision 2020
Charged with regulating the banking sector and managing the nation's macroeconomic policies, the Central Bank of Nigeria (CBN) has evolved from a government organization into an independent central bank.
Since 1999, the central bank has overseen major reforms in the financial services sector such as the privatization of government enterprises and a series of consolidations and acquisitions.
'It is in Nigeria's interests to diversify the economy and sources of capital and I would like us to enjoy strong relations with banks in Asia and the Middle East,' said CBN governor, Sanusi Lamido Aminu Sanusi.
'The market needs a combination of indigenous and foreign financial institutions as this increases competition, raises standards and improves the quality of the system.'
By focusing attention on good governance, transparency, and risk management, CBN is building trust in the nation's financial system and helping prepare domestic banks for foreign expansion and global mergers and acquisitions.
'We expect to see significant amounts of capital from China flowing into the construction and oil sectors, with banks trapping these flows,' Sanusi says.
A pioneering player in Africa's financial services sector, Stanbic IBTC Bank Plc was established three years ago through the merger of Stanbic Bank Nigeria and industry giant IBTC Chartered Bank Plc.
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