By DAYO ADESULU
- China Emerges as Nigeria’s Leading Trading Partner with N7.38tn Trade Value in H1 2024
- First Bank CEO Advocates Innovative Solutions to Deepen Africa-China Economic Ties
- China Development Bank Supports 270,000 Jobs Across 33 African Nations
Nigeria’s Growing Engagement with BRICS Powers Economic Growth
Nigeria attracted $1.27 billion in foreign capital from BRICS nations by June 2024, marking a 189% increase from the $438.72 million recorded during the same period in 2023, Vice President Kashim Shettima revealed on Wednesday at the 2024 China-Africa Inter-Bank Association (CAIBA) Forum in Abuja.
Represented by Dr. Aliyu Modibbo, Special Adviser to the President on General Duties, Shettima emphasized Nigeria’s commitment to fostering partnerships with BRICS nations—Brazil, Russia, India, China, and South Africa—and newly inducted members such as Iran, Egypt, Ethiopia, and the UAE.
Deepening Nigeria-China Relations
China, Nigeria’s leading trading partner, accounted for a bilateral trade value of N7.38 trillion in the first half of 2024. Shettima attributed this robust relationship to President Bola Ahmed Tinubu’s diplomatic initiatives, including the signing of five Memoranda of Understanding during his September 2024 state visit to China.
The agreements align with the Belt and Road Initiative (BRI), focusing on bolstering Nigeria’s infrastructure and economic diversification.
“This underscores the importance of deepening our bilateral relationship with China, especially in financial and banking systems,” Shettima said.
First Bank Champions Africa-China Economic Synergy
First Bank Group CEO, Olusegun Alebiosu, highlighted the pivotal role of CAIBA in fostering Africa-China trade. He detailed FirstBank’s initiatives, including dedicated Chinese desks and plans to expand operations in major Chinese commercial hubs such as Guangdong and Shanghai.
“FirstBank is fully committed to eliminating barriers to trade and investment between Africa and China,” Alebiosu said.
China Development Bank’s Impact in Africa
Wang Weidong, Vice President of China Development Bank, highlighted the bank’s contributions to Africa’s development, including infrastructure projects and SME support. These initiatives have created 270,000 jobs across 33 African countries, underscoring the socio-economic benefits of the partnership.
The Way Forward
Speakers at the forum urged stakeholders—including governments, private sector players, and multilateral organizations—to explore innovative strategies for eliminating barriers to Africa-China trade and investment.
