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First bank hosts maiden CAIBA in Nigeria
From Adanna Nnamani, Abuja
Vice President Kashim Shettima has reaffirmed Nigeria’s commitment to fostering stronger economic ties with China for broader economic prosperity.
Shettima spoke at the inaugural China-Africa Interbank Association (CAIBA) Forum, held in Abuja on Tuesday.
Represented by Mr Aliyu Modibbo, Adviser to President Bola Tinubu on General Duties, Shettima highlighted Nigeria’s resolve to accelerate development through strategic partnerships with global allies, particularly China.
Organised by FirstBank Nigeria in collaboration with the China Development Bank (CDB), the forum was themed: “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification.” It provided a platform for discussions on strengthening financial cooperation and trade between China and African nations.
Speaking at the event, the Vice President described Africa as being in a transformative era, stating that collaborative efforts are crucial to driving economic diversification and industrialisation. “The theme of this event aligns with President Tinubu’s priorities to strengthen institutional trust, boost trade, foster commerce, and diversify the African economy through mutually beneficial partnerships,” he stated.
He also noted the positive impact of foreign investments, including the substantial contributions from China and other international partners, on Nigeria’s economic development.
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Also speaking, the Vice President of the China Development Bank (CDB), Wang Weidong, commended the collaboration between China and African nations, noting the significant progress achieved under the Belt and Road Initiative and the Forum on China-Africa Cooperation.
Weidong detailed the bank’s efforts in advancing trade, industrialisation, and economic diversification in Africa. “CDB has supported infrastructure projects such as Nigeria’s Lake Tiga Port, Kenya’s Nairobi Expressway, and Uganda’s Astonishing Power Ports, which have facilitated regional connectivity and economic growth,” he said.
He added that the bank’s special loan programmes for African small and medium-sized enterprises (SMEs) have created over 270,000 local jobs, while partnerships with global manufacturers have boosted Africa’s industrialisation and supply chain integration.
For his part, FirstBank’s Chief Executive Officer, Mr Olusegun Alebiosu, emphasised the bank’s commitment to fostering China-Africa relations. “The CAIBA platform reflects the growing trade and investment ties between China and Africa,” Alebiosu noted.
He added that FirstBank has established dedicated Chinese Desks and expanded its presence in key Chinese commercial hubs to better support these collaborations.
He called for innovative solutions to reduce barriers to trade and investment between Africa and China. “With the right support from stakeholders, government institutions, multilateral bodies, and private sector players, China-Africa relations can drive socio-economic transformation on a much larger scale,” he said.
