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ABUJA, Nigeria — Vice President Kashim Shettima, has called for a United efforts to boost sustainable growth in Nigeria, Africa, and across China.
Shettima reaffirmed the country’s commitment to alliances who “have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner”.
He spoke at the opening of the 2024 China-Africa Inter-Bank Association (CAIBA) Forum, with the theme, “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation and Economic Diversification.”
The forum, hosted by FirstBank, the Chief Executive, FirstBank Group, Mr. Olusegun Alebiosu, urged CAIBA members to recommit to the ideals and goals of the association by exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investment between Africa and China.
Vice President of China Development Bank (CDB), Mr. Wang Weidong, said it will continue to leverage experience and expertise in investment and financial cooperation with Africa, and strengthen exchanges with African financial institutions.
Weidong urged greater use of local currencies in trade between African countries and China.
He expressed satisfaction with the growing inflow of foreign capital from BRICS countries, which amounted to $1.27 billion as of June 2024, a substantial increase from $438.72 million during the same period in 2023.
Represented by his Special Adviser, General Duties, Dr. Aliyu Modibo, Shettima said the influx of foreign capital reflected the deepening of the country’s development partnerships and the “mutual trust that continues to grow between us”.
He said President Bola Tinubu’s Renewed Hope Agenda sought to drive inclusive and sustainable development, and expressed delight that the country’s financial institutions remained at the forefront of the intervention for development.
The vice president commended FirstBank for leading the charge in fostering stronger banking and financial collaborations between African banks and the China Development Bank (CDB).
He said with total trade transactions valued at N7.38 trillion as of June 2024, China remained “Nigeria’s number one trading partner”.
He added that “Nigeria has always been open to strategic alliances that support our domestic growth goals. This explains our active engagement with the BRICS nations, even as a non-member state, as seen in our participation in the BRICS Summit held in South Africa last year. Our commitment to these relationships was further solidified at the October 2024 BRICS Summit in Russia.”
He stated that Tinubu’s diplomatic efforts to strengthen ties with China were clear evidence of his commitment to the strategic partnership further highlighted by the president’s official visit to China in September 2024, where he met with President Xi Jinping.
Shettima said, “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.
“As a nation, Nigeria remains committed to its alliances with those who have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner.”
Alebiosu said the CAIBA platform emerged in recognition of the growing trade, investment and development ties between China and Africa.
Alebiosu further underscored the need for stronger partnership between Africa and China as a panacea for driving further improvement in trade and the overall socio-economic transformation of the two regions.
