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The Central Bank of Nigeria (CBN) and First Bank Nigeria Limited have called for enhanced collaboration between Nigerian and Chinese banks to support the expanding trade relations between the two countries and Africa at large.
At the China-Africa Inter-Bank Association (CAIBA) Forum 2024, held in Abuja, the Managing Director of First Bank, Mr. Olusegun Alebiosu, emphasized the platform’s importance in fostering trade and investment ties between China and Africa.
Building Bridges for Growth
In his address, Alebiosu highlighted the role of CAIBA in driving socio-economic growth and infrastructural development:
“The CAIBA platform recognizes the increasing trade, investments, and developmental ties between China and Africa. Chinese companies are pivotal in sectors across many African economies, contributing significantly to socio-economic progress and infrastructure development. Similarly, many African businesses rely on Chinese partners for raw materials, minerals, metals, and finished goods.”
Alebiosu stressed that strengthening correspondent banking and financial systems between Africa and China would mutually benefit both regions.
Theme of Progress
This year’s forum, co-hosted by First Bank and the China Development Bank, was themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization, and Economic Diversification.” According to Alebiosu:
“The theme underscores the critical need for stronger partnerships between Africa and China as a catalyst for improving trade, industrialization, and economic diversification.”
He reaffirmed First Bank’s commitment to advancing CAIBA’s objectives, aiming to achieve these goals within the shortest possible timeframe.
CBN’s Support for Deeper Partnerships
The CBN Director of Banking Supervision, Mr. Adetona Adedeji, reiterated the apex bank’s readiness to assist Nigerian banks in forging stronger relationships with Chinese financial institutions. He described this strategic collaboration as essential for fostering more robust business ties and partnerships between the two nations.
The forum underscored the shared commitment of African and Chinese financial institutions to enhancing trade, industrial growth, and socio-economic transformation, laying the groundwork for deeper financial cooperation in the years ahead.
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