Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria and the First Bank of Nigeria have pushed for a greater collaboration between Nigerian banks and their Chinese counterparts in view of the deepening trade and businesses between China and Nigeria, as well as, other countries in the African region.

Speaking at the China-Africa Inter-Bank Association (CAIBA) Forum 2024, today, in Abuja, the Managing Director of First Bank, Mr. Olusegun Alebiosu, noted that the association emerged as a result of the growing trade between China and Africa.

His words, “The CAIBA platform is one that emerged in recognition of the growing trade, investments and developmental ties between China and the African Continent.

“Today, it is quite common to see several Chinese companies operating across key sectors of the economy in many African countries where they are instrumental in driving socio-economic growth and infrastructural developments.

“Similarly, several businesses on the African continent have primary Chinese trading partners either as buyers of minerals, metals and other raw materials or suppliers of finished goods such as electronics, phones, equipment, etc.

“Therefore, the pursuit of stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties.”

The MD whose bank co-hosted the forum with the China Development Bank, added, “the theme of this year’s event – Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization 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.”

As the host of this year’s event, Mr. Alebiosu, said First Bank was fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame.

He said, “As an institution, through our dedicated Chinese Desks (manned with both Chinese nationals and Mandarin-speaking personnel), we have taken concrete steps to improve our understanding of the Chinese culture, business philosophy and the needs of the numerous Chinese firms operating across all our operating countries.

“At First Bank, we are also poised to double-down on our coverage of the Chinese market through expansion of our business presence beyond Beijing to other important commercial centers in China, including Guangdong and Shanghai.

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

The CBN Director of Banking Supervision, Mr. Adetona Adedeji, said the apex bank stood ready to assist Nigerians bank to build stronger ties with Chinese banks as the two nations form strategic partnership and more robust business relationships.

“The CBN will strengthen the banks to boost their partnerships with their Chinese counterparts.   As a nation, we have suffered the Dutch Disease and it is time to diversify the economy.  In doing so, we must partner with other players across the globe,” he said.

In a message, the Vice President, Sen.  Kashim Shettima, said Africa was on the threshold of a transformative era, and we are committed to forging strong, viable partnerships to accelerate the implementation of our development programs.

According to him, diversifying the Nigerian economy required well- structured, mutually beneficial partnerships, into which China fitted.

“This is not a goal that can 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 has always been open to strategic alliances that support our domestic growth goals. This explains our active engagement with the BRICS nations, even as a non-member state, as seen in our participation in the BRICS Summit held in South Africa last year.

“With a total trade value of NGN 7.38 trillion as of June 2024, China remains Nigeria’s number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems,” the VP said in the message through his Special Adviser on Special Duties, Dr. Aliyu Modibo.