The Chief Executive Officer of First Bank Group, Mr. Olusegun Alebiosu says stronger partnership between Nigeria and China will not only improve trade but also drive development in both countries.
The First Bank Group CEO, who said this at the 2024 China-Africa Inter-Bank Association (CAIBA) Forum, Wednesday in Abuja, added that an enhanced partnership will open up new ways to help tackle trade barriers and investment flows between Africa and China.
He said, “Also, the theme of this year’s event – Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization and Economic Diversification-underscores the need for 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.
Established in 2018, CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank (CDB) 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 with the aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange.
According to Alebiosu, CAIBA is borne out of a recognition of the growing trade, investments and developmental ties between China and Africa.
“Today, 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, 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.
He assured that as the host of this year’s event, FirstBank is fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame.
“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,” he noted.
The FirstBank CEO also assured that the Bank would double-down on its coverage of the Chinese market through expansion of its business presence beyond Beijing to other important commercial centers in China, including Guangdong and Shanghai.
According to Alebiosu, the steps reflect the strategic importance that FirstBank ascribes to China in particular and Chinese businesses in general.
“As we deliberate throughout today’s session, I urge all participants, especially members of CAIBA, to rededicate ourselves 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. I am fully convinced 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 it is today,” he urged CAIBA member countries.
In the same vein, Vice President Kashim Shettima called for greater cooperation to build robust banking institutions that cater for the continent’s diverse needs.
According to the Vice President, Africa’s complex challenges present opportunities to work together to drive sustainable growth. “We cannot thrive in isolation,” he added.
“The strategic thrusts of our administration focus on boosting trade, fostering commerce, and diversifying the Nigerian economy through well- structured, mutually beneficial partnerships. This is not a goal that can be achieved in isolation, but rather through collaborative efforts with trusted allies and partners, such as China, who share our aspirations for a prosperous future.
“As a nation. 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. This approach is aligned with the Renewed Hope agenda of the current administration, which seeks to drive inclusive and sustainable development,” he further said.