Nigeria is finalizing a historic agreement with China to facilitate direct naira-to-yuan conversions using the Digital Renminbi (RMB), a move set to reshape bilateral trade dynamics.
Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership (NCSP), disclosed the impending deal during his keynote at Lagos’ Digital Asset Markets Strategy Masterclass.
The arrangement, described by Tegbe as a strategic shift, aims to reduce Nigeria’s dollar dependency while elevating the Sino-Nigerian trade relationship into a more balanced development partnership.
“This agreement marks a significant step toward strengthening economic ties and fostering sustainable growth,” he said.
The NCSP boss also said Nigeria has secured over $30 billion in investment commitments and 300 expressions of interest from Chinese companies in the last five months, signalling robust confidence in Nigeria’s economic potential.
Tegbe stressed the importance of leveraging Chinese technology, particularly in digital asset markets, to drive knowledge transfer and support the globalisation of Nigeria’s capital market.
He listed the NCSP’s broader objectives to include accelerating infrastructure development, scaling Chinese investments, enhancing trade, promoting transparency, and fostering cultural exchange between the two nations.
Nicholas Okoye, convener of the masterclass and a global investment advisor, highlighted the transformative potential of digital assets in Nigeria and across Africa.
“The fourth industrial revolution has ushered in a digital transformation that will redefine wealth creation,” Okoye said.
“Adopting digital asset markets, including cryptocurrencies and the tokenisation of traditional assets, will be a game-changer for Nigeria’s capital markets and Africa’s economic growth.”
Okoye added that digital assets offer Africans an unprecedented opportunity to build wealth, regardless of location or profession, and could provide a more accurate reflection of Nigeria and Africa’s true economic potential.
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