China remains Nigeria’s top trading partner – Shettima

China continues to hold its position as Nigeria’s leading trading partner, underscoring the strategic importance of deepening bilateral relations between the two nations, Vice President Kashim Shettima said on Monday.

Speaking at the China-Africa Interbank Association (CAIBA) Forum held in Abuja, Shettima highlighted President Bola Ahmed Tinubu’s diplomatic efforts to strengthen ties with China.

He noted that Tinubu’s visit to China in September 2024 marked a pivotal moment, resulting in the signing of five Memoranda of Understanding (MOUs) aimed at fostering collaboration, including initiatives tied to the Belt and Road Initiative.

“These agreements represent a significant milestone in our partnership with China, reflecting Nigeria’s commitment to alliances that promote sustainable development and economic growth,” Shettima said.

The Vice President praised the proactive involvement of Nigerian financial institutions, particularly First Bank of Nigeria Limited, in driving banking and financial collaboration with the China Development Bank.

He said that such partnerships align with the government’s “Renewed Hope” agenda, aimed at achieving inclusive development.

Shettima also lauded Nigeria’s growing engagement with the BRICS bloc. He pointed out the influx of $1.27 billion in foreign capital from BRICS countries as of June 2024, a significant increase from $438.72 million during the same period in 2023.

Nigeria’s participation in recent BRICS summits in South Africa and Russia further reinforced its commitment to these global alliances, he said.

Addressing the forum, Wang Weidong, Vice President of the China Development Bank (CDB), proposed expanding China-Africa financial cooperation across four key areas: industrialization, capacity building, green development, and financial innovation.

Wang noted the need to align China’s modernisation strategy with the African Union Agenda 2063 and individual African countries’ development plans.

He outlined plans to utilize special funds to support infrastructure projects and industrialization in Africa, emphasizing sustainable and green economic growth.

“We aim to achieve high-quality cooperation through strategic investments, increased use of digital currencies in trade, and support for small and medium enterprises,” Wang said.

The CAIBA forum is part of broader efforts to foster economic collaboration between China and African nations, with both sides pledging to strengthen ties and boost financial services across the continent.

In another development, various leading organizations, including Huawei Technologies, exhibited their products and services during the CAIBA Forum. Huawei’s exhibition booth highlighted the Datacom Solutions and IT Solutions for the Banking Industry.

The booth attracted significant attention, with several customers visiting to explore the innovative offerings tailored to address the banking sector’s evolving needs. Insightful discussions were had with attendees, addressing their inquiries and providing detailed explanations of the solutions’ capabilities.