Nigeria is set to sign a lasting agreement with China to enable direct conversion of the naira to the Chinese Yuan through the Digital Renminbi (RMB).
Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership (NCSP), revealed this during a recent Digital Asset Markets Strategy Masterclass which was held in Lagos.
He described the deal as a means to reduce Nigeria’s reliance on the U.S. dollar and enhance the country’s trade relationship with China into a mutually beneficial 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.