Vice-President Kashim Shettima announced that trade between Nigeria and China has reached N7.38 trillion as of June. Speaking at the 2024 China-Africa Interbank Association Forum (CAIBA) in Abuja, organised by First Bank Plc, Shettima emphasised the importance of deepening bilateral ties, particularly in banking and finance.
Represented by Aliyu Modibbo, Special Adviser to the President on General Duties, Shettima highlighted China as Nigeria’s largest trading partner, underscoring the need for stronger partnerships. “Nigeria is committed to alliances that foster growth and development in a transparent and systematic manner,” he said, commending First Bank for its role in strengthening Africa-China financial ties.
First Bank CEO Olusegun Alebiosu noted that CAIBA, launched in 2018, facilitates strategic cooperation between the China Development Bank and 15 African banks. This year’s theme, ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification’, calls for eliminating trade barriers and fostering socio-economic transformation in both regions.
Alebiosu also revealed plans to expand First Bank’s presence in China beyond Beijing, reaching key commercial centres like Guangdong and Shanghai.
Wang Weidong, Vice-President of China Development Bank, reiterated the bank’s support for Africa’s industrialisation and economic diversification through loans, equity investments, and partnerships. He stressed the importance of knowledge sharing and technology transfer for sustainable growth.
Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, urged African nations to prioritise raw material processing for long-term development. Meanwhile, Adetona Adedeji of the Central Bank of Nigeria assured continued support for enhancing Africa-China banking collaborations.
The forum attracted banking leaders across Africa, aiming to strengthen trade and foster mutual development.
Credit: NAN (Text Excluding Headline)
