boosting fdi

Nigeria: Fintechs’ gains from naira crisis bring hope for more Chinese investment

By Temitayo Lawal

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Posted on April 10, 2023 11:11

© A woman looks at Nigerian banks apps on a smart phone in Abuja, Nigeria September 21, 2020. REUTERS — A woman looks at Nigerian banks apps on a smart phone in Abuja, Nigeria September 21, 2020. REUTERS

Chinese investments in Nigeria have long focused on trade, infrastructure, and commodities. But more recently, China has been increasingly diversifying its investment portfolios in Africa’s largest economy, turning bullish on the burgeoning Nigerian tech ecosystem.

The Central Bank of Nigeria’s naira redesign policy, which ostensibly aimed to tame inflation and deter vote buying during the recent presidential election, stressed the country’s banking sector for months and forced millions of Nigerians, including the unbanked (estimated at over 38 million), to resort to e-payments.

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