Nigeria is on the verge of sealing a landmark agreement with China to enable direct naira-to-yuan conversion using the Digital Renminbi (RMB), according to Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership (NCSP).
Tegbe revealed this at the Digital Asset Markets Strategy Masterclass held recently in Lagos, saying the move will significantly reduce Nigeria’s dependence on the United States dollar and redefine bilateral economic cooperation with China.
“This agreement represents a strategic transition from a purely trade-based relationship to a broader development partnership between Nigeria and China,” Tegbe said.
The Digital RMB is China’s central bank digital currency (CBDC) issued by the People’s Bank of China. The proposed agreement with Nigeria would facilitate seamless financial transactions between both nations, bypassing the dollar and strengthening local currency usage in international trade.
Tegbe disclosed that Nigeria has already attracted over $30 billion in investment pledges from Chinese firms within the last five months, along with 300 expressions of interest.
He said the NCSP will continue to leverage China’s technological advancements to support the globalisation of Nigeria’s capital market, especially in the emerging digital asset sector.
“This isn’t just about trade—it’s about knowledge transfer, tech innovation, infrastructure and financial market transformation,” Tegbe added.
The NCSP’s broader goals include promoting transparency, driving infrastructure projects, increasing Chinese investments, deepening economic ties, and fostering cultural exchanges.
Also at the event, Lagos State Governor Babajide Sanwo-Olu, represented by Finance Commissioner Abayomi Oluyomi, announced plans to implement a securitisation policy to monetise the state’s idle assets and raise green bonds to meet infrastructure demands.
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“Lagos will be the first sub-national in Nigeria to implement such a strategy,” Oluyomi said.
The policy aims to unlock long-term capital for urban development while promoting sustainable financing.
Nicholas Okoye, global investment advisor and convener of the masterclass, described digital asset markets as the next frontier of wealth creation.
“The fourth industrial revolution is opening new frontiers for capital growth through asset tokenisation and cryptocurrencies,” he said.
Okoye said the adoption of digital asset markets in Nigeria’s capital market—and eventually across Africa—could be a transformative force, offering unprecedented access to financial tools and wealth-building opportunities.
“For the first time, digital assets allow Africans to reflect their true wealth position, independent of geography or traditional market barriers,” he said.
As Nigeria positions itself at the forefront of digital finance, stakeholders at the event agreed that innovation, policy reforms, and cross-border collaboration will be critical in unlocking the full value of Africa’s digital economy.