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Stanbic IBTC reiterates support for Nigeria —China relations

Stanbic IBTC, a member of Standard Bank Group, has said it is pleased to join the Chinese community in Nigeria and other well wishers to celebrate the Chinese New Year, the year of the pig.

The company stated that the Chinese community in Nigeria has become a very important part of the Stanbic IBTC business ecosystem as well as that of the country’s socio-economic and cultural heritage and is proud to support the community as it ushered in its new year. “The staff and management of Stanbic IBTC wish to congratulate the Chinese community as it celebrates its New Year, the year of the pig. You have become a very important part of Nigeria and the Stanbic IBTC family and we are proud to join you to welcome the new Chinese year,” Chief Executive, Stanbic IBTC Holdings PLC, Mr. Yinka Sanni, said.

IBTC

China’s trade relations with Nigeria have grown considerably over the years. Today, China is one of Nigeria’s biggest trade partners, with a trade balance in the region of $8 billion in 2018, even as the Chinese and the Nigerian governments have expressed their commitment to deepen trade relations between the two countries. The recent $2.5 billion currency swap agreement between Nigeria and China to ease trade between the two nations underpins the commitment to strengthen bilateral trade between the two nations.

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According to Sanni, the China Nigeria relationship is more significant for Stanbic IBTC. There exists a strategic institutional relationship involving ICBC, Standard Bank and Stanbic IBTC, which can be leveraged to provide stronger trade and business ties between Nigeria and China. ICBC, the world’s largest bank, holds a 20 percent stake in Standard Bank while Standard Bank has about 65 percent stake in Stanbic IBTC. “The relationship presents a huge leverage in Africa-China trade ties and has resulted in various initiatives across Africa, ranging from Renminbi trading, to Africa-China business centres, and landmark deals,” Sanni, said.

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