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FirstBank, a leading financial institution in West Africa and a champion of financial inclusion, will host the first-ever China-Africa Interbank Association (CAIBA) Forum in Nigeria. This landmark event aims to bolster economic ties and investments between China and Africa. Scheduled for November 27, 2024, the forum will be held in Abuja under the theme: “Joining Hands to Advance Modernization and Strengthen China-Africa Trade, Industrialization, and Economic Diversification.”
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CAIBA, established in 2018, is a significant alliance fostering financial cooperation between China and Africa. It includes 16 African banks, such as FirstBank, and China Development Bank (CDB). Others include ABSA Bank, the West African Development Bank, and the Development Bank of South Africa, among others. The association’s primary goal is to close Africa’s funding gap in areas like industrialization, infrastructure, and poverty reduction. It is aimed to enhance partnerships across key sectors, from infrastructure development to international cooperation and cultural exchange.
The CAIBA Forum is co-hosted by China Development Bank. It provides a rare platform for knowledge-sharing, networking, and deal-making among key stakeholders. Formerly held exclusively in Beijing, this is the first time the forum will be hosted outside China. Nigeria’s pivotal role in the China-Africa economic relationship will take center stage, highlighting the nation’s influence in this growing partnership.
Facilitating trade and investment flows between the two regions
FirstBank, with its vast network spanning Sub-Saharan Africa, the UK, and China, is well-positioned to facilitate trade and investment flows between the two regions. Known for its expertise in financial inclusion, trade finance, and corporate banking, FirstBank is an ideal partner for this forum, aligning with China Development Bank’s focus on sustainable and inclusive financial solutions for Chinese and African businesses.
Mr. Olusegun Alebiosu, CEO of FirstBank Group, expressed enthusiasm about the upcoming forum: “We are honored to host this pivotal event that fosters dialogue and collaboration between Chinese and African financial institutions.
This forum underscores our commitment to bridging the gap between Africa and China, catalyzing economic growth and development. Our selection as the host highlights our 130-year legacy of empowering businesses and communities across Africa. We look forward to exploring new partnership opportunities for the mutual benefit of China and Africa.”
Trends and opportunities in China-Africa cooperation
Participants will engage with high-profile guests, including Nigerian Vice President, and the Central Bank Governor. Others are the Minister of Trade, Industry & Investment, the MD of China Development Bank, and the Federal Capital Territory (FCT) Minister. Governors from key Nigerian states and ambassadors from CAIBA member countries will also be in attendance. They will be attending alongside influential industry leaders and policymakers.
The CAIBA Forum will feature a series of sessions, including a keynote plenary with notable speakers such as Dr. Abiodun Adedipe, Founder & Chief Consultant of BAA Consult, and David Ofosu-Dorte, Senior Partner at AB & David Africa. Others are Ugo Obi-Chukwu, Publisher of Nairametrics, and Wole Adeniyi, CEO of Stanbic IBTC. Additional activities will include a trade exhibition, keynote speeches, and networking events, focusing on the latest trends and opportunities in China-Africa cooperation.
The creation of CAIBA is a strategic development that promises to significantly impact the economic landscape. It will drive sustainable growth and prosperity across both regions. Through this forum, FirstBank aims to strengthen the China-Africa partnership. CAIBA will help foster a collaborative economic future that will benefit both continents for years to come.
