China, Nigeria Trade Value Hit N7.4trn as at June– VP Shettima
Vice-President Kashim Shettima says Nigeria-China trade value has hit N7.38 trillion as at June.
Shettima said this at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday organised by First Bank Plc.
The vice-president, represented by Dr Aliyu Modibbo, the Special Adviser to the President, General Duty, said that China remained the country’s number one trading partner.
According to him, this underscores the importance of deepening our 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 Limited 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, the Chief Executive Officer (CEO) of 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 transport 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.
Tegbe said that African countries should prioritise the processing of their raw materials to sustainable development.
Dr Adetona Adedeji, the Director, Bank Supervision, Central Bank of Nigeria (CBN), said the Bank would support the banks in making the collaboration between Africa-China to work better.#China, Nigeria Trade Value Hit N7.4trn as at June– VP Shettima#
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