FG, FirstBank Commit To Stronger Trade Ties With China

The Nigerian government and FirstBank Group have recommitted to building stronger partnership with China Development Bank (CDB) for trade facilitation and infrastructure development in Nigeria and across the African continent.

Both the government and FirstBank gave the pledge at the third edition of the China- Africa Inter-Bank Association (CAIBA) forum held in Abuja on Wednesday. The CAIBA platform is in recognition of the growing trade, investments and developmental ties between China and the African continent.

Nigeria, and indeed Africa is on the cusp of a transformative era. Nigeria’s Vice President Kashim Shettima said “We are committed to forging strong, viable partnerships to accelerate the implementation of our development programs. We invite our esteemed development partners to join us in this critical endeavor.”

As Nigeria faces complex development challenges, Senator Shettima said the forum presents an ‘invaluable opportunity’ for both Nigeria and China to compare ideas, exchange notes, and work collectively towards solutions that will drive sustainable growth. “We cannot thrive in isolation, and it is this shared conviction that has brought us here today,” the Vice President who was represented by his special adviser on general duties, Aliyu Modibbo, stated.

In his opening remarks, chief executive officer, FirstBank Group, Olusegun Alebiosu said FirstBank is also poised to double-down on its coverage of the Chinese market through expansion of business presence beyond Beijing to other important commercial centers in China, including Guangdong and Shanghai.

“These steps reflect the strategic importance that FirstBank has ascribed to China in particular and Chinese businesses in general.”

Alebiosu believes that the theme of this year’s forum – “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification” underscores the need for stronger partnership between Africa and China as a panacea for driving further improvements in trade and the overall socio-economic transformation of the two regions.

Senator Shettima said the current administration of the federal government is focused on boosting trade, fostering commerce, and diversifying the Nigerian economy through well-structured, mutually beneficial partnerships.

He said that goal cannot be achieved in isolation, but rather through collaborative efforts with trusted allies and partners, “such as China, who share our aspirations for a prosperous future.”
Nigeria received $1.27 billion foreign capital from BRICS countries as of June 2024, a development the government said is a result of deepening of its development partnerships with other nations.

Many speakers at the event believe that the pursuit of stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties.

Vice president of China Development Bank, Wang Weidong promised that China will continue to utilise a special loan from African SMEs to enhance knowledge sharing and technology transport to promote Nigeria and the rest of Africa’s industrialisation and economic diversification.

“CDB will utilise China-Africa development to finance a special fund to support infrastructure in Africa, promote the African continental region to Africa, and improve China-Africa economic and economic cooperation,” Weidong stated.

Drawing emphasis to China’s focus on infrastructure, including road, ports, energy, and aviation to unlock Africa’s development potentials, he said the “CDB has set up special loans for African SMEs through our lending cooperation with African banks. So far, a total of three investments have been disbursed, covering 33 African countries and creating 270,000 for local African jobs.”