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ABUJA – Vice President Kashim Shettima, has emphasized the importance of building robust banking institutions in Africa, highlighting the potentials of collaboration between African and Chinese banking institutions.
Shettima gave the hint during his keynote speech at the 2024 China-Africa Inter-Bank Association Forum with the theme: ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification’.
The forum, held at Frasers Suites in Abuja, brought together dignitaries from Nigeria, China, and other African nations to discuss ways to strengthen banking ties and promote economic growth on the continent.
Represented by Aliyu Modibo, Special Adviser on General Duties to President Ahmed Bola Tinubu, Vice President Shettima noted that strategic collaboration between African and Chinese banking institutions is crucial for building robust banking systems that cater to the diverse needs of the African continent.
“As we face complex development challenges, this moment presents an invaluable opportunity for us to compare ideas, exchange notes, and work collectively towards solutions that will drive sustainable growth. We cannot thrive in isolation, and it is this shared conviction that has brought us here today.
“This edition of the China-Africa Inter-Bank Association Forum marks a historic milestone. It is the third of its kind and the first to be hosted on African soil since the establishment of CAIBA in 2018.
CAIBA was created to strengthen collaboration between the China Development Bank and 15 African banks, and today’s forum couldn’t have come at a more opportune moment.
Africa is on the cusp of a transformative era, and we are committed to forging strong, viable partnerships to accelerate the implementation of our development programs. We invite our esteemed development partners to join us in this critical endeavour.
“The theme of this event, Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification, perfectly aligns with the priorities of His Excellency, President Bola Ahmed Tinubu.
“The strategic thrusts of our administration focus on boosting trade, fostering commerce, and diversifying the Nigerian economy through well- structured, mutually beneficial partnerships. 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” he said.
The Vice President’s call echoed his previous calls for cooperation between the Nigerian banking industry and the government to implement the eight-point agenda.
Also, speaking during event, Mr. Wang Weidong, the Executive Vice President of China Development Bank, emphasized the crucial role of financial cooperation in promoting modernization for China and Africa.
He highlighted the importance of the China-Africa partnership, strengthened through the Forum on China-Africa Cooperation (FOCAC), which has become a platform for collective dialogue and practical cooperation.
Wang Weidong recalled that China and Africa have always supported each other in trying times, citing examples such as the Ebola epidemic and the COVID-19 pandemic.
He emphasized the need for win-win cooperation, highlighting the complementary strengths of China and Africa in areas like trade, industrialization, and economic diversification.
“Financial cooperation plays a principal role in promoting modernization for China and Africa. In light of what CDB 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, CDB has been a positive approach to the Belt and Road Cooperation Framework, and guided by the spirit of the forum on China-Africa Cooperation, to deepen investment and financial cooperation with Africa, and opened new prospects for China-Africa economic and trade cooperation.
“First, CDB has supported the infrastructure to boost China-Africa trade. With the focus on the infrastructure, including road, ports, energy, and aviation, we have advanced a signature approach, including Nigerian Deep Sea Port and Kaduna-Kano Railway project.
“This approach has opened economic and regional channels, facilitating the flow of resources and improved China-Africa connectivity.
“The Lekki Deep Sea Port has significantly increased the continuous boating capacity of Nigeria’s western ports, and reduced the cost of logistics for international trade. It has created enormous benefits, including 10,000 local jobs. Second, CDB has supported small and medium-sized enterprises to boost economic diversification.
“We have supported small and beautiful livelihood projects in environmental protection, healthcare, and education. At the Forum on China-Africa Cooperation, CDB has set up special loans for African SMEs through our lending cooperation with African banks. So far, a total of three investments have been disbursed, covering 33 African countries and creating 270,000 for local African jobs.
“Third, CDB has promoted integration of industrial and supply chains to support African industrialization. CDB and the Caterpillar have supported manufacturing projects across Africa, including Swiss Economic Development Group, Egypt’s fiberglass production lines, South Africa’s home appliances park, such as its grueling export procurements, South Africa’s TLC solar power products, and East Africa’s telecommunications products. And thirdly, we have supported industrial connoisseurs in Africa, both increasing achievements and attracting investments.
“Take the Swiss-led economic forum, for example. Over 140 companies have set up factories there, with sales totalling 3.7 billion U.S. dollars. They have turned into over 200 million income systems, creating nearly 3,000 direct jobs” he added.
Weidong’s remarks also envisioned a community with a shared future for China and Africa, built on principles like sincerity, real results, amity, and good faith.
Earlier, in his welcome remarks, Mr. Olusegun Alebiosu, Chief Executive Officer of First Bank Group, emphasized the importance of strengthening financial ties between China and Africa, highlighting the significance of the China-Africa Inter-Bank Association (CAIBA) in promoting financial inclusion, trade, and economic development between China and Africa.
The forum, sponsored by First Bank and held at Frasers Suites in Abuja, brought together dignitaries from Nigeria, China, and other African nations to discuss ways to foster stronger financial cooperation.
The event featured topics such as China-Africa trade and investment, financial cooperation, and sustainable development, including a Panel Session which explored ways to enhance collaboration between Chinese and African financial institutions.
