CBN, First Bank Court Chinese Counterparts On Healthy Trade Relations
BY EDMOND ODOK – In their bold moves to deepen trade relations between both countries and the African continent, the Central Bank of Nigeria (CBN) and First Bank Nigeria Limited (FBNL) are canvassing greater partnership between Nigerian banks and their Chinese counterparts
The Managing Director of First Bank, Mr. Olusegun Alebiosu, who led the charge at the China-Africa Inter-Bank Association (CAIBA) Forum 2024 in Abuja, said CAIBA is a brainchild of the growing trade between China and Africa.
According to him; “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 First Bank Chief said; “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.”
He said that as co-host of the forum, First Bank remains fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame in the overall interest of both countries’ banking sector and the economy.
In his remarks, the Director of Banking Supervision, CBN, Mr Adetona Adedeji, said the apex bank was ready to assist Nigerian banks in building stronger ties with their Chinese counterparts as both countries maintain strategic partnerships that promote and sustain more robust business relationships.
The first edition of CAIBA ran with the theme: “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification.”
CAIBA is made up of 16 African banks, including FirstBank, as well as the China Development Bank (CDB). Other member banks are ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa, and RawBank.
These institutions collaborate to enhance infrastructure, international cooperation, and cultural exchange. The initiative seeks to close crucial funding gaps in Africa for industrialization, infrastructure development, and poverty reduction.
