No problem. If he was profoundly deaf then sign language is probably the way to go but I think him getting proficient in lip-reading would benefit him greatly and as long as he makes a point of saying to people that he needs to see their face when spoken to, he should interact quite smoothly with normal-hearing people as he matures. As he progresses, he should be able to seamlessly integrate the words that he sees in peoples mouths and expressions into sounds in his head, coupled with what he can hear... my brain actually seems to fill in the gaps I can't hear with sound... it's strange, but my brain definitely synthesises sounds and words in the gaps. My life has not been too bad socially in my adult years with respect to my disability and maybe your nephew can benefit from going in the same sort of direction.
Given that he's four, I'm optimistic for him that medical progress will eventually give him unaided better hearing while he's still a young adult.