Nigeria is on the verge of sealing a landmark settlement with China to allow direct naira-to-yuan conversion utilizing the Digital Renminbi (RMB), in keeping with Joseph Tegbe, Director-Normal of the Nigeria-China Strategic Partnership (NCSP).
Tegbe revealed this on the Digital Asset Markets Technique Masterclass held not too long ago in Lagos, saying the transfer will considerably scale back Nigeria’s dependence on the US greenback and redefine bilateral {economic} cooperation with China.
“This settlement represents a strategic transition from a purely trade-based relationship to a broader improvement partnership between Nigeria and China,” Tegbe stated.
The Digital RMB is China’s central {bank} digital forex (CBDC) issued by the Folks’s {Bank} of China. The proposed settlement with Nigeria would facilitate seamless {financial} transactions between each nations, bypassing the greenback and strengthening native forex utilization in worldwide commerce.
Tegbe disclosed that Nigeria has already attracted over $30 billion in funding pledges from Chinese language companies inside the final 5 months, together with 300 expressions of curiosity.
He stated the NCSP will proceed to leverage China’s technological developments to assist the globalisation of Nigeria’s capital market, particularly within the rising digital asset sector.
“This isn’t nearly commerce—it’s about information switch, tech innovation, infrastructure and {financial} market transformation,” Tegbe added.
The NCSP’s broader objectives embody selling transparency, driving infrastructure initiatives, growing Chinese language investments, deepening {economic} ties, and fostering cultural exchanges.
Additionally on the occasion, Lagos State Governor Babajide Sanwo-Olu, represented by Finance Commissioner Abayomi Oluyomi, introduced plans to implement a securitisation coverage to monetise the state’s idle property and lift inexperienced bonds to satisfy infrastructure calls for.
READ ALSO: China Urges Nigeria to Situation Panda Bonds for Infrastructure Progress
“Lagos would be the first sub-national in Nigeria to implement such a technique,” Oluyomi stated.
The coverage goals to unlock long-term capital for city improvement whereas selling sustainable financing.
Nicholas Okoye, international funding advisor and convener of the masterclass, described digital asset markets as the subsequent frontier of wealth creation.
“The fourth industrial revolution is opening new frontiers for capital development by way of asset tokenisation and cryptocurrencies,” he stated.
Okoye stated the adoption of digital asset markets in Nigeria’s capital market—and finally throughout Africa—may very well be a transformative pressure, providing unprecedented entry to {financial} instruments and wealth-building alternatives.
“For the primary time, digital property permit Africans to replicate their true wealth place, impartial of geography or conventional market boundaries,” he stated.
As Nigeria positions itself on the forefront of digital finance, stakeholders on the occasion agreed that innovation, coverage reforms, and cross-border collaboration will probably be vital in unlocking the complete worth of Africa’s digital economic system.
