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…Nigeria & China resolve to deepen strategic economic relationship at CIABA forum
Volume of investments flows from BRICS member nations – comprising Brazil, Russia, India, China, and South Africa into Nigeria amounted to $1.27 billion as of June 2024 .
This was , as Nigeria renewed her strategic alliances that will support her domestic growth goals.
The figure represents a substantial increase from just $438.72 million during the same period in 2023, the Vice president Senator Kashim Shettima confirmed the update on Wednesday in Abuja at the 2024 China – Africa Development Finance Forum organised by China-Africa Inter-Bank Association.
Represented by his Special Adviser on Special Duties, Aliyu Modibbo Umar, Shettima put total trade value at N 7.38 trillion as of June 2024.
The volume of trade, VP Shettima said ,”reflects the deepening of our development partnerships and the mutual trust that continues to grow between us”.
He said China remains Nigeria’s most important trading partner , noting that the partnership , underscores the importance of deepening bilateral relationships with China, especially within the realm of financial and banking systems.
Shettima, recalled that President Bola Ahmed Tinubu’s diplomatic efforts to strengthen Nigeria ties with China being a clear evidence of country commitment to this strategic partnership.
VP said: “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. President Bola Ahmed Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership.
This was further highlighted by the President’s official visit to China in September 2024, where he met with President Xi Jinping. During this meeting, five key Memoranda of Understanding (MOUs) were signed, marking a significant step in our collaboration, including initiatives related to the Belt and Road Initiative in Nigeria”.
“As a nation. Nigeria remains committed to its alliances with those who have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner. This approach is aligned with the Renewed Hope agenda of the current administration, which seeks to drive inclusive and sustainable development”, he added.
Speaking on the event theme, organised by First Bank Nigeria PLC, “Joining hands to advance modernisation and strengthening China-Africa trade, industrialization and economic diversification “, Shettima expressed delight with Nigeria’s financial institutions being on the forefront of intervention for development.
He lauded First Bank of Nigeria Limited for leading the charge in fostering stronger banking and financial collaborations between African banks and the China Development Bank.
“The promise shown by all stakeholders is highly encouraging, and we are determined to ensure that this collaboration continues to thrive”, he added.
In a remark by Vice President, China Development Bank Mr. Wang Weidong said financial cooperation plays a principal role in promoting modernization for China and Africa.
” In the light of what CIABA has been doing to promote China-Africa trade, industrialization, and economic diversification, I would like to share with you our thoughts on this business. As a well-known Chinese bank for investment and financial cooperation with Africa, CIABA has been a positive approach to build cooperation with Africa , to deepen investment and financial cooperation with Africa, and opened new prospects for China-Africa economic and trade cooperation”.
CIABA will support African countries to industrialize in a green and responsible way, develop and renew our land, and achieve inclusive, predictable, and sustainable growth and transition to prosperous financial innovation.
CIABA will use various ways, including significant loans, on-demand equity investments, and tripartite cooperation to support Africa’s industrialization. We encourage more use of cryptocurrencies in trade between African countries and China”, he said.
Earlier in a remark, Group Managing Director, First Bank PlcMr. Olusegun Alebiosu described CAIBA platform as 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 a stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties”, he added .
Speaking to the import of the event theme – “Joining hands to advance modernisation and strengthening China-Africa trade, industrialization and economic diversification”, First Bank Plc MD , said it 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, FirstBank is fully committed to the achievement of this over-arching CAIBA objective within the shortest possible timeframe. 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 th0e Chinese culture, business philosophy and the needs of the numerous Chinese firms operating across all our operating countries”, he said.
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