• Says volume of trade between countries highest in Africa
Vice President Kashim Shettima said Nigeria-China trade value has hit N7.38 trillion as at June.
He said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja yesterday organised by First Bank Plc.
The vice-president, represented by Dr. Aliyu Modibbo, Special Adviser to the President, General Duty, said China remained the country’s number one trading partner.
According to him, this underscored the importance of deepening bilateral relationship with China, especially within the realm of financial and banking systems.
“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.
“I am especially delighted that our financial institutions are at the forefront of this intervention for development.
“I would like to commend First Bank of Nigeria 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 said.
Mr Olusegun Alebiosu, Chief Executive Officer (CEO), First Bank Plc, said the CAIBA journey began in Sept. 2018, when the China Development Bank and 15 African banks entered into a strategic partnership to deepen the China-Africa cooperation.
Alebiosu said that CAIBA platform was one that emerged in recognition of the growing trade, investments and developmental ties between China and the African Continent.
The CEO said the theme of this year’s forum, ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification,’ underscored the need for stronger partnership between Africa and China.
He said the partnership would help to drive further improvements in trade and the overall socio-economic transformation of the two regions.
“I urge all participants, especially members of CAIBA, to rededicate ourselves to the ideals and goals that the association seeks to achieve.
“This can be done by exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China.
“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,” he said.
Mr. Wang Weidong, the Vice-President of China Development Bank (CDB), said the bank would continue to utilise a special loan from African Small and Medium Enterprises (SMEs).
The aim, according to him, is to enhance knowledge sharing and technology transfer to promote Africa’s industrialisation and economic diversification.
Weidong said the bank would use various ways, including significant loans, on-demand equity investments, and tripartite cooperation to support Africa’s industrialisation.
Mr. Joseph Tegbe, the Director-General of the Nigeria-China Strategic Partnership said that economic diversification was key to development.
He said that African countries should prioritise the processing of their raw materials to sustainable development.
Dr. Adetona Adedeji, director, Bank Supervision, said the Central Bank of Nigeria (CBN), would support banks in making the collaboration between Africa-China to work better.
The forum attracted bank executives from across Africa.
Meanwhile, Shettima has expressed satisfaction with the continuous increase in the volume of trade between Nigeria and China.
He made this known when he received a delegation from China, led by Vice Chairman of the Standing Committee of the National People’s Congress, Mr. Zhang Qingwei, at the Presidential Villa, Abuja.
According to Shettima, trade between Nigeria and China is one of the highest in Africa.
“In 2023, our trade relations with China got to $22.6 billion, one of the highest in Africa, if not the highest, and that trade relationship is growing by 33 percent every year.
“Mind you, the Nigerian economy is picking up but that did not stop our business relationship with China. I want to reassure you that we will support you in whatever way we can. We believe in you, we respect you and we cherish our relationship.”
HE stressed the need to strengthen relations between the two countries which have spanned over 50 years for the benefit of both nations.
“Nigeria and China have enjoyed warm bilateral relations for 53 years, dating back to 1971 and this friendship is evident in the numerous high-level visits between the two nations, including the recent visit of President Bola Tinubu to China in September 2024. These visits have fostered deeper cooperation and strengthened ties between the two nations,” Shettima said.
The vice president, who expressed his admiration for China’s culture and traditions, said the country was already making its mark among the committee of nations.
He also called for greater engagements between the two friendly countries.
“This is the time when there should be greater South-South cooperation. There should be greater engagement between China and Nigeria. For us, it is also time to strengthen ties.”
Shettima, who assured the delegation that Nigeria supports the One China policy, expressed optimism that Nigeria would surmount its security challenges.
The vice president, therefore, appealed for support from China in that regard.
“You have mentioned security; there can never be peace without development and there can never be development without peace.
“We really want to reposition the security architecture of our country. We are investing in technology and we need your support, we need your cooperation and your partnership,” he said.
Earlier, Zhang, said the strategic partnership between Nigeria and China was opening a new page of relationship between the two countries.
He said China was ready to move the relationship to a new high.
“In September this year, President Tinubu attended the Forum on China-Africa Cooperation (FOCAC) and also had a state visit.
“President Tinubu and Xi Jinping jointly announced to elevate Nigeria-China relations to a comprehensive strategic partnership, opening a new chapter of relations.
“China stands ready to work with Nigeria to implement the important consensus between our leaders on the outcome of the summit and elevate Nigeria-China relations to a new height,” he said.
He also pointed to the need for Nigeria and China to support each other politically, adding that Tinubu was committed to economic diversification, and China was ready to support Nigeria’s developmental expedition.