First Bank to Host First-Ever China-Africa Interbank Forum in Abuja

FirstBank has announced its plans to host the inaugural China-Africa Interbank Association (CAIBA) Forum, a groundbreaking event aimed at deepening economic and financial collaboration between China and Africa.

Themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” the forum is set to hold later this month in Abuja, according to a statement released on Tuesday.CAIBA, which was established in 2018, provides a platform for financial cooperation between China and Africa. It includes 16 African banks, such as First Bank, along with the China Development Bank.

Other members include ABSA Bank, West African Development Bank, Central African States Development Bank, and Development Bank of South Africa. These institutions collaborate on key areas such as infrastructure development, international trade, and cultural exchanges.

This forum marks a shift from its usual location in Beijing to Abuja, spotlighting Nigeria’s significant role in the China-Africa economic relationship. The focus is on addressing funding gaps for industrialisation, infrastructure, and poverty alleviation in Africa.

Speaking about the event, FirstBank Group CEO, Olusegun Alebiosu, expressed pride in hosting the forum. He stated:“We are honoured to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions.

This forum reinforces our commitment to bridging the gap between Africa and China, catalyzing economic growth and development.”The selection of FirstBank as the host is a testament to our rich legacy, deep expertise in African markets, and an impressive 130-year history of empowering businesses and communities to thrive. We are proud to support the continent’s economic transformation and growth.”The forum will provide a unique opportunity for participants to interact with key government officials, business leaders, and financial experts from both regions.

Expected speakers include Nigeria’s Vice President Kashim Shettima, Central Bank Governor Olayemi Cardoso, the Managing Director of China Development Bank, ambassadors from CAIBA member countries, the President of the African Export-Import Bank, and representatives from the China-Africa Development Fund.

These stakeholders will discuss ways to strengthen partnerships and promote economic growth.Nigeria holds a prominent position in China-Africa relations, being China’s second-largest African trading partner and its top source of imports. In 2022, trade between the two nations reached $23.9 billion, with China exporting $22.3 billion worth of goods to Nigeria and importing $1.6 billion in return, according to Chinese customs data.

This landmark event is expected to pave the way for greater cooperation and mutual economic benefits for China and Africa.