FirstBank, one of West Africa’s foremost financial institutions and a champion of financial inclusion, hosted its inaugural China-Africa Interbank Association (CAIBA) Forum on Wednesday, November 27, 2024, at the Fraiser Suites, Abuja.
The event aims to strengthen economic ties and investments between China and Africa.
Established in 2018, CAIBA represents a landmark effort to promote financial cooperation between China and Africa.
The inaugural edition is themed: “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification.”
CAIBA comprises 16 African banks, including FirstBank, and the 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, and RawBank. Together, these institutions aim to foster collaboration in areas such as infrastructure development, international cooperation, and cultural exchange.
The initiative addresses critical funding gaps in Africa for industrialisation, infrastructure, and poverty alleviation.
Co-hosted by the China Development Bank, the CAIBA Forum offers an unparalleled platform for knowledge exchange, networking, and deal-making. Previously held exclusively in Beijing, the forum’s debut in Nigeria underscores the country’s vital role in the evolving China-Africa economic partnership.
FirstBank, with its expansive network spanning Sub-Saharan Africa, the UK, and China, serves as a gateway for trade and investment between China and Africa. Its expertise in financial inclusion, trade finance, corporate, and investment banking uniquely positions it as a strategic partner for the China Development Bank. Together, the two institutions drive inclusive and sustainable financial solutions to support businesses in both regions.
Reflecting on the significance of the event, FirstBank Group CEO, Mr. Olusegun Alebiosu, said:
“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, 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.”
Attendees will include government officials, business leaders, and financial experts from both regions. Dignitaries expected to speak at the forum include the Vice President of Nigeria, the Governor of the Central Bank of Nigeria, the Minister of Trade, Industry, and Investment, the Managing Director of the China Development Bank, the Minister of the Federal Capital Territory, and Governors of Lagos, Kano, and Anambra States. Also in attendance will be ambassadors from CAIBA member countries, the President and Chairman of the African Export–Import Bank, representatives of the China-Africa Development Fund, and various industry leaders.
The event will feature a plenary session with notable speakers such as Dr. Abiodun Adedipe, Founder and Chief Consultant of BAA Consult; David Ofosu-Dorte, Senior Partner at AB & David Africa; Ugo Obi-Chukwu, Publisher of Nairametrics; Wole Adeniyi, CEO of Stanbic IBTC; Bamidele Abu, CEO of ABSA Nigeria Capital Markets; and Mrs. Kouassigan Dovi Eliane Khady, Head of Financial Institutions at the West African Development Bank (BOAD).
While speaking at the event, the representative of the Governor of Kano State, Usman Bala says, the government hopes the partnership with China will foster innovation, promote technology and inclusion for the people. He said:
“The global economic landscape is increasingly volatile, underscoring the importance of economic diversity. Africa’s overreliance on commodity export markets makes us vulnerable to market-shocks. By partnering with China in sectors such as renewable energy, fintech, and tourism, we can build resilient economies to mitigate uncertainties…”
The forum will also include a trade exhibition, keynote speeches, and networking opportunities, delving into trends and opportunities in China-Africa cooperation.
The establishment of CAIBA is a promising development with far-reaching implications for the economic landscape of both regions. By fostering partnerships that drive sustainable growth, it is set to shape the economic future of China and Africa for the better.
