Nigeria-China Trade Value Hits N7.4tn, Says VP Shettima
Vice-President Kashim Shettima has announced that Nigeria’s trade value with China reached a staggering N7.38 trillion as of June 2024. Speaking at the China-Africa Interbank Association Forum (CAIBA) 2024 in Abuja on Wednesday, Shettima, who was represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duty, highlighted China’s continued position as Nigeria’s number one trading partner.
“The growing trade relationship between Nigeria and China underscores the importance of strengthening our bilateral ties, particularly in the areas of financial and banking systems,” Shettima stated. He reiterated Nigeria’s commitment to its strategic alliances, emphasising the importance of partnerships with countries that support the nation’s growth and development in a transparent manner.
The forum, which was organised by First Bank Plc, focused on further enhancing the financial and banking collaboration between African nations and China. Shettima expressed his delight in the role Nigerian financial institutions are playing in these efforts. “I am especially delighted that our financial institutions are at the forefront of this intervention for development,” he added.
First Bank’s CEO, Mr. Olusegun Alebiosu, reflected on the journey of the CAIBA platform, which began in September 2018 when the China Development Bank and 15 African banks entered into a strategic partnership aimed at deepening China-Africa relations. Alebiosu noted that the theme of this year’s forum, “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” speaks to the urgent need for enhanced cooperation between the two regions to drive trade and socio-economic transformation.
“We must explore innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China,” Alebiosu urged. He also revealed that First Bank was focused on expanding its presence in China beyond Beijing, with plans to extend into key commercial centres such as Guangdong and Shanghai.
Mr. Wang Weidong, Vice-President of the China Development Bank (CDB), outlined the bank’s commitment to supporting African Small and Medium Enterprises (SMEs) through special loans. He highlighted that the bank’s strategies, including significant loans, equity investments, and tripartite cooperation, would play a crucial role in Africa’s industrialisation and economic diversification.
Mr. Joseph Tegbe, Director-General of the Nigeria-China Strategic Partnership, underscored the importance of economic diversification for Africa’s sustainable development. “African countries should focus on processing their raw materials to ensure long-term growth and stability,” Tegbe stated.
Dr. Adetona Adedeji, Director of Bank Supervision at the Central Bank of Nigeria (CBN), confirmed that the CBN would continue to support initiatives aimed at enhancing the collaboration between Africa and China, reinforcing the central role of financial institutions in driving bilateral economic development.
The forum, which brought together financial leaders from both regions, showcased the growing potential of China-Africa trade and investments, positioning the partnership as a cornerstone of future economic progress for both Africa and China. Trump’s Border Czar Threatens Jail for Denver Mayor
