The Nigeria-China Strategic Partnership (NCSP) has announced that Nigeria is set to sign an agreement with China for the use of the “Digital RMB,” allowing for direct currency exchange between the naira and the Chinese yuan.
The Digital RMB is a central bank-issued digital currency from China’s People’s Bank. Speaking during a digital asset strategy masterclass in Lagos, NCSP Director-General Joseph Tegbe stated that this initiative aims to lessen Nigeria’s reliance on the US dollar. He described the deal as a key milestone in shifting Nigeria’s relationship with China from mere trade to a more robust development-oriented partnership.
Tegbe also disclosed that in the past five months, Nigeria has secured over $30 billion in investment pledges and 300 expressions of interest from Chinese firms. He emphasized the strategic value of Chinese technology and expertise in the digital asset space and reiterated NCSP’s dedication to globalizing Nigeria’s capital markets.
The partnership’s goals include improving infrastructure, expanding Chinese investments, deepening economic cooperation, ensuring transparency, and fostering cultural ties.
At the same event, Lagos State Governor Babajide Sanwo-Olu, represented by Finance Commissioner Abayomi Oluyomi, said the state is developing a securitisation policy to convert dormant assets into investment capital and issue green bonds for infrastructure projects. Lagos aims to be the first sub-national entity in Nigeria to adopt this approach.
Nicholas Okoye, the event convener and global investment strategist, noted that the ongoing digital revolution, especially in digital asset markets, is transforming global finance. He said investments in cryptocurrencies and the tokenization of traditional assets are reshaping the future of wealth creation.
He added that embracing digital asset markets in Nigeria and across Africa would be a major catalyst for long-term economic development and could significantly change Africa’s financial landscape. According to Okoye, digital assets offer Africans a rare opportunity to build wealth irrespective of their location or profession, giving a more accurate representation of Nigeria’s and the continent’s true wealth potential.
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