FirstBank hosts inaugural China-Africa Interbank Association Forum

First Bank of Nigeria Ltd. says it will host the inaugural China-Africa Interbank Association (CAIBA) Forum in Abuja, aimed at strengthening economic ties and boosting investments between China and Africa.

In a statement on Monday in Lagos, the bank said that the forum with the theme, “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” would take place on Nov. 27.

Mr Olusegun Alebiosu, Chief Executive Officer, FirstBank of Nigeria Ltd., expressed the bank’s honour in hosting the forum, which he said would foster dialogue and collaboration between Chinese and African financial institutions.

“This forum reinforces our commitment to bridging the gap between Africa and China, catalysing 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 and remain dedicated to exploring the partnership opportunities this forum will bring for the mutual benefit of China and Africa,” he said.

The CEO reiterated the bank’s commitment to promoting trade, financial cooperation and economic development.

He said participants would have the chance to engage with government officials, business leaders and financial experts from both regions.

Expected guest speakers include: Vice President, Kashim Shettima; Central Bank of Nigeria Governor, Olayemi Cardoso; Minister of Trade, Industry and Investment and his FCT counterpart; Managing Director, China Development Bank, among others.

Also, Ms Folake Ani-Mumuney Group Head, Marketing and Corporate Communications First Bank of Nigeria Ltd said that the establishment of CAIBA was a positive development significantly impacting the economic landscape.

Ani-Mumuney added that CAIBA marked a significant milestone in fostering financial cooperation between China and Africa, comprising 16 African banks, including FirstBank, and China Development Bank (CDB).

Other members include: ABSA Bank, West African Development Bank, Central African States Development Bank, Eastern and Southern African Trade and Development Bank, Development Bank of South Africa, Ecobank, United Bank for Africa (UBA) among others.

She said that the members aim to enhance partnerships in various spheres, such as infrastructure interconnection, international cooperation, and cultural exchange.

According to her, the initiative is driven by the need to address the funding gap in Africa for industrialisation, infrastructure and poverty alleviation.

She added that the CAIBA forum to be co-hosted by China Development Bank offers a unique opportunity for knowledge sharing, networking and deal making and promote joint development among member-banks.

Formerly convened only in Beijing, the forum will now provide a unique platform to spotlight Nigeria’s pivotal role in the growing China-Africa economic relationship as the host country.