Nigeria’s trade relationship with China has reached a value of N7.38 trillion as of June 2024, according to Vice President Kashim Shettima. The announcement was made during the China-Africa Interbank Association Forum (CAIBA) 2024, held in Abuja and organized by First Bank Plc.
Representatived by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, Shettima highlighted that China remains Nigeria’s top trading partner. This status underscores the necessity of enhancing bilateral relations, particularly in the financial and banking sectors.
“Nigeria remains dedicated to partnerships with those who support our growth and development in a transparent and systematic way,” Shettima stated. “I commend First Bank of Nigeria Limited for spearheading efforts to strengthen banking and financial collaborations between African banks and the China Development Bank. The commitment from all stakeholders is highly encouraging, and we are determined to ensure this collaboration continues to flourish.”
Strengthening China-Africa Cooperation Through CAIBA
Olusegun Alebiosu, CEO of First Bank Plc, noted that the CAIBA initiative began in September 2018 as a strategic alliance between the China Development Bank and 15 African banks to foster stronger ties in trade, investment, and development.
This year’s forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” emphasized the importance of collaboration to drive socio-economic transformation in both regions.
Alebiosu urged CAIBA members to recommit to the association’s objectives by addressing barriers to trade and investment flows between Africa and China. He also revealed First Bank’s plans to expand its presence in China beyond Beijing to other key commercial hubs such as Guangdong and Shanghai.
Enhancing Industrialisation and Economic Diversification
Wang Weidong, Vice President of the China Development Bank (CDB), shared the bank’s ongoing efforts to support Africa’s industrialisation and economic diversification. The CDB, he said, would continue to offer special loans for African small and medium enterprises (SMEs), alongside equity investments and tripartite collaborations, to facilitate technology transfer and knowledge sharing.
Meanwhile, Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, emphasized the importance of economic diversification and the processing of raw materials to achieve sustainable development in Africa.
Dr. Adetona Adedeji, Director of Bank Supervision at the Central Bank of Nigeria (CBN), pledged the CBN’s support in ensuring that Africa-China financial partnerships yield impactful results.
The forum concluded with stakeholders reaffirming their commitment to strengthening China-Africa ties and leveraging mutual trade and investment opportunities for economic growth.
