CBN and First Bank Advocate Stronger Nigeria-China Banking Ties

CBN and First Bank Advocate Stronger Nigeria-China Banking Ties ???

The Central Bank of Nigeria (CBN) and First Bank Nigeria Limited have called for increased collaboration between Nigerian and Chinese banks, highlighting the importance of deepening trade and financial relations between the two nations and the African continent at large.

Key Highlights from the China-Africa Inter-Bank Association (CAIBA) Forum 2024

? Trade and Investment Growth

• The forum, co-hosted by First Bank and the China Development Bank, focused on enhancing ties to support trade and socio-economic growth.

• The Managing Director of First Bank, Mr. Olusegun Alebiosu, emphasized the critical role of Chinese companies in Africa’s infrastructure and socio-economic development.

? Theme for 2024

• “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialization, and Economic Diversification” was the theme, reflecting the need for robust partnerships in banking and trade.

? Strategic Benefits for Africa and China

• African businesses rely on China as a key partner for raw materials, electronics, and other goods.

• Enhanced banking relationships aim to foster smoother financial transactions and economic diversification.

? CBN’s Role

• CBN Director of Banking Supervision, Mr. Adetona Adedeji, reaffirmed the bank’s commitment to helping Nigerian banks forge stronger ties with Chinese counterparts.

First Bank’s Commitment ??

• As a co-host, First Bank pledged to expedite the CAIBA goals of fostering collaboration and driving socio-economic transformation in Africa and China.

This event underlines the growing importance of Nigeria-China relations in shaping Africa’s trade and financial ecosystems.