First Bank, the premier West African financial institution and financial inclusion service provider, has expressed full commitment to the achievement of the China-Africa Interbank Association’s (CAIBA) overarching objective within the shortest possible time.
Mr. Olusegun Alebiosu, Chief Executive Officer, First Bank Group, stated this on Wednesday at the first-ever China-Africa Interbank Association (CAIBA) Forum, which the Bank hosted in Abuja to strengthen economic ties and investments between China and Africa.
Vice President Kashim Shettima said Nigeria has witnessed a growing influx of foreign capital from BRICS countries, which amounted to $1.27 billion as of June 2024, a substantial increase from just $438.72 million during the same period in 2023.
He highlighted that China remains Nigeria’s number one trading partner, and this underscores the importance of deepening bilateral relationships with China, especially within the realm of financial and banking systems.
Represented by Aliyu Modibo, Senator Shettima said, “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.
“Our commitment to these relationships was further solidified at the October 2024 BRICS Summit in Russia. We are pleased to witness the growing influx of foreign capital from BRICS countries, which amounted to $1.27 billion as of June 2024, a substantial increase from just $438.72 million during the same period in 2023. This reflects the deepening of our development partnerships and the mutual trust that continues to grow between us. With a total trade value of NGN 7.38 trillion as of June 2024.”.
Mr. Alebiosu said, “As the host of this year’s event, FirstBank is fully committed to the achievement of this overarching CAIBA objective within the shortest possible timeframe.”
He pointed out that 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, he highlighted that 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.”
He said the Forum theme, “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” underscores the need for a 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.
Mr Alebiosu 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 centres in China, including Guangdong and Shanghai.”
These steps, he noted, reflect the strategic importance that FirstBank has ascribed to China in particular and Chinese businesses in general.
He urged all participants, especially members of CAIBA, to “rededicate themselves to the ideals and goals that the association seeks to achieve by exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China.”
Mr Alebiosu expressed confidence that “with the right support from other stakeholders—government institutions, multilateral bodies, and private sector players—the China-Africa relations can become a more powerful force for socio-economic and institutional development than they are today.”
The FirstBank Chief Executive Officer stressed that the CAIBA platform “is one that emerged in recognition of the growing trade, investments, and developmental ties between China and the African Continent.”
The Vice President of China Development Bank, Wang Weidong, highlighted the cooperation with Africa, noting that “so far, a total of three investments have been disbursed, covering 33 African countries and creating 270,000 local African jobs.”
He explained that in the Swiss-led economic zone, 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.”
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