FirstBank has announced that it will host the first-ever China-Africa Interbank Association (CAIBA) Forum on African soil later this month in Abuja. Themed “Joining Hands to Advance Modernisation and Strengthening China-Africa Trade, Industrialisation, and Economic Diversification,” the forum aims to enhance economic ties, trade, and investments between China and Africa.

Established in 2018, CAIBA serves as a platform for fostering financial cooperation between China and Africa. The association comprises 16 African banks, including FirstBank, alongside the China Development Bank, and other prominent institutions such as ABSA Bank, West African Development Bank, Ecobank, and the Development Bank of South Africa. CAIBA focuses on addressing Africa’s funding gaps in industrialisation, infrastructure, and poverty alleviation.

Traditionally held in Beijing, the decision to host the CAIBA Forum in Nigeria reflects the country’s strategic importance in China-Africa relations. Nigeria is China’s second-largest trading partner in Africa, and bilateral trade between the two nations reached $23.9 billion in 2022, according to Chinese customs data.

Speaking about the event, FirstBank Group CEO, Mr. Olusegun Alebiosu, 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.”

The forum will bring together high-profile participants, including Nigeria’s Vice President Kashim Shettima, Central Bank Governor Olayemi Cardoso, the Managing Director of the China Development Bank, African Export-Import Bank officials, and representatives from the China-Africa Development Fund. Government officials, business leaders, and financial experts from across the regions will also attend to explore opportunities for mutual growth.

As a platform for fostering cross-continental partnerships, the forum is expected to spotlight Nigeria’s critical role in advancing China-Africa trade, industrialisation, and economic diversification while deepening collaboration between financial institutions.