In a significant move to enhance financial cooperation, Vice President Kashim Shettima has emphasized the crucial role of strong banking collaborations between Africa and China at the 2024 China-Africa Inter-Bank Association Forum in Abuja.
Speaking to important guests such as state governors, ministers, and Chinese diplomats, Shettima emphasized that the forum represents Africa’s unified effort towards sustainable development.
This year’s event was significant as it was the inaugural forum held in Africa since CAIBA was established in 2018.
The Vice President stressed the crucial timing of the forum, in line with Africa’s period of transformation.
He urged for more collaborations, encouraging development partners to speed up the growth projects in the continent.
The event’s focus, “Uniting to Promote Progress in Modernization and Enhancing Trade, Industrialization, and Economic Diversification between China and Africa,” closely matches President Bola Tinubu’s economic agenda.
Shettima stated that “Achieving this goal would require working together with reliable partners like China, who have similar goals for a successful future.”
Pointing out Nigeria’s increasing global interactions, Shettima mentioned the country’s active participation in BRICS nations.
He disclosed that there was a significant increase in foreign investment from BRICS nations to $1.27bn by mid-2024, compared to $438.72 million in the previous year.
He commented that “This rise shows the growing trust and partnerships we are still developing.”
China continues to be the top trading partner of Nigeria, with trade volume hitting NGN 7.38 trillion by June 2024. Shettima commended President Tinubu’s diplomatic efforts, specifically highlighting his trip to China in September 2024, during which important agreements, such as Belt and Road Initiative projects, were reinforced.
He stated that “These MOUs signify important advancements in our partnership with China.”
Shettima praised Nigerian banks, especially First Bank of Nigeria, for cultivating these important alliances.
“The promise shown by all stakeholders is highly encouraging, and we are determined to ensure this collaboration continues to thrive,” he said.
The Vice President wished for a successful collaboration, saying, “May the Nigeria-China relationship continue to strengthen, leading to greater prosperity for both our nations and the entire continent of Africa.”
