Nigeria Open to Strategic Alliances for Growth and Development – Vice President

The Nigerian government says it is open to strategic alliances that support domestic growth goals.

Vice President Kashim Shettima, restated this at the 2024 China-Africa Inter-Bank Association Forum held in Abuja.

He said the Country is deepening its development partnerships and  mutual trust with China.

“With a total trade value of NGN 7.38 trillion as of June 2024. China remains Nigeria’s number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems.

“President Bola Ahmed Tinubu’s diplomatic efforts to strengthen our ties with China are clear evidence of our commitment to this strategic partnership. This was further highlighted by the President’s official visit to China in September 2024, where he met with President Xi Jinping. During this meeting, five key Memoranda of Understanding (MOUs) were signed, marking a significant step in our collaboration, including initiatives related to the Belt and Road Initiative in Nigeria”.

 

He said Nigeria remains committed to its alliances with those who have her best interests at heart and are willing to support her growth and development in a transparent and systematic manner.

 

Speaking, the Vice President, China Development Bank, Mr. Wang Weidong, said financial cooperation plays a principal role in promoting modernisation for China and Africa.

“China Development Bank, CDB, has supported infrastructure to boost China-Africa trade. With the focus on the infrastructure, including road, ports, energy, and aviation, we have advanced a signature approach, including Nigerian-Lake Chad Port and Kaduna or. Canal to build Kenya-Nairobi Expressway and Uganda-Astonishing Power Ports. This approach has opened economic and regional channels, facilitating the flow of resources and improved China-Africa connectivity.”

Weidong disclosed that CDB has supported small and medium-sized enterprises across the African continent to boost economic diversification.

“We have supported small and beautiful livelihood projects in environmental protection, healthcare, and education. At the Forum on China-Africa Cooperation, CDB has set up special loans for African SMEs through our lending cooperation with African banks. So far, a total of three investments have been disbursed, covering 33 African countries and creating 270,000 for local African jobs. Over 140 companies have set up factories there, with sales totalling 3.7 billion U.S. dollars. They have turned into over 200 million income systems, creating nearly 3,000 direct jobs.”

 

Speaking about the forum, the CEO 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.” 

He explained that the pursuit of a stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties.

“The theme of this year’s event – Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation 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.

“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.”

 

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.

 

This initiative was driven by the need to address the funding gap in Africa for industrialization, infrastructure, and poverty alleviation.

 

 

 

 

 

 

Hauwa Abu