FirstBank has announced its hosting of the first-ever China-Africa Interbank Association Forum to strengthen economic ties and investments between China and Africa.
In a statement made available to The PUNCH on Tuesday, the forum, themed ‘Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,’ will take place later this month in Abuja.
Established in 2018, CAIBA serves as a platform to foster financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank as well as 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, RawBank to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange.
This initiative was driven by the need to address the funding gap in Africa for industrialisation, infrastructure, and poverty alleviation.
The CAIBA Forum which used to be convened only in Beijing will now provide a unique platform to spotlight Nigeria’s role in the growing China-Africa economic relationship as the host country.
Speaking about the forum, the Chief Executive Officer of FirstBank Group, Mr. Olusegun Alebiosu, said, “We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions. This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development.
“The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa.”
Participants will have the chance to engage with government officials, business leaders, and financial experts from both regions.
Expected guest speakers include the Vice President, Kashim Shettima, Governor of the Central Bank of Nigeria, Olayemi Cardoso, MD of China Development Bank, Ambassadors from countries of CAIBA members, President and Chairman of the Board of Directors of the African Export-Import Bank, Representatives from the China-Africa Development Fund, and many industry leaders, policymakers, and experts to explore opportunities for cooperation and mutual growth.
It should be noted that Nigeria is China’s second-largest African trading partner, and China is Nigeria’s top import source.
According to the Chinese customs data, the bilateral trade volume between China and Nigeria reached $23.9bn in 2022, with China’s exports to Nigeria amounting to $22.3bn and imports from Nigeria totalling $1.6bn.
