Vice-President Kashim Shettima highlights Nigeria-China trade surpassing N7.38 trillion at the CAIBA 2024 forum, emphasizing stronger financial and economic partnerships.
Vice-President Kashim Shettima has announced that Nigeria-China trade value has reached an impressive N7.38 trillion as of June 2024.
Speaking at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja, Shettima underscored the significance of Nigeria’s relationship with China, which remains the country’s leading trading partner.
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Represented by Dr. Aliyu Modibbo, the Special Adviser to the President, Shettima highlighted the need for continued collaboration within financial and banking systems to bolster growth and development.
“Nigeria remains committed to alliances that align with our development interests transparently and systematically. I commend First Bank of Nigeria for leading financial partnerships between African banks and the China Development Bank,” Shettima stated.
First Bank of Nigeria’s CEO, Olusegun Alebiosu, noted that the China-Africa Interbank Association (CAIBA) began in 2018 as a strategic partnership between the China Development Bank and 15 African banks.
The 2024 forum, themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification”, highlighted the growing trade and investment ties between China and Africa.
Alebiosu emphasized the need to reduce trade barriers and deepen financial integration to spur socio-economic transformation in both regions.
“At First Bank, we aim to expand our presence in China beyond Beijing to key commercial hubs like Guangdong and Shanghai,” Alebiosu added.
Wang Weidong, Vice-President of the China Development Bank (CDB), reaffirmed the bank’s commitment to enhancing Africa’s industrialisation through targeted loans and equity investments.
These efforts aim to facilitate knowledge transfer, technological advancements, and economic diversification.
“The special loan initiative for African SMEs is designed to drive industrialisation and support economic diversification,” Weidong said.
Other stakeholders, including Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, called for African nations to prioritize processing raw materials for sustainable development.
The Central Bank of Nigeria’s Director of Bank Supervision, Dr. Adetona Adedeji, pledged support for initiatives that enhance Africa-China collaborations.
The deepening Nigeria-China trade and financial ties reflect the nations’ shared commitment to economic growth, industrialisation, and sustainable development.
As both regions continue to explore innovative ways to enhance their relationship, forums like CAIBA provide a vital platform for dialogue, collaboration, and mutual benefit.
