The Central Bank of Nigeria, CBN, and First Bank Nigeria Limited have canvassed for greater collaboration between Nigerian banks and their Chinese counterparts in view of the deepening trade relations between both countries and the African continent.

Speaking at the China-Africa Inter-Bank Association (CAIBA) Forum 2024 in Abuja, the Managing Director of First Bank, Mr. Olusegun Alebiosu, noted that the association emerged as a result of the growing trade between China and Africa.

His words, “The CAIBA platform is one that emerged in recognition of the growing trade, investments and developmental ties between China and the African Continent.

“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.

“Therefore, the pursuit of stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties.”

Alebiosu whose bank co-hosted the forum with the China Development Bank, added, “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.”

As the host of this year’s event, Mr. Alebiosu, said First Bank was fully committed to the achievement of this over-arching CAIBA objective within the shortest possible time frame.

The CBN Director of Banking Supervision, Mr. Adetona Adedeji, in his remarks said the apex bank stood ready to assist Nigerian banks to build stronger ties with Chinese banks as the two nations form strategic partnership and more robust business relationships.