FG assures commitment to strategic alliances to boost domestic growth

By Mariam Abeeb

The federal government has expressed its commitment to strategic alliances and partnerships that will support it’s goals and domestic growth.
Vice President Kashim Shettima, disclosed this, at the China-Africa Development Finance Forum(CAIBA) 2024, in Abuja, with the theme “Joining hands to advance modernisation and strengthening China-African Trade, industrialization and Economic Diversification.
Shettima who was represented by the Special Adviser to the President on General Duties, Aliu Modibbo Umar, noted that the strategic thrusts of President Bola Tinubu’s administration is focused on boosting trade, fostering commerce, and diversifying the economy.
This goal, according to the VP cannot be achieved in isolation, but rather through collaborative efforts with trusted allies and partners, such as China, who share Nigeria’s aspirations for a prosperous future.
“We are committed to forging strong, viable partnerships to accelerate the implementation of our development programs”.
Shettima noted that the theme of the event alignes with the priorities of President Tinubu’s diplomatic efforts to strengthen ties with China in strategic partnership.
“China remains Nigeria’s number one trading partner. This underscores the importance of deepening our bilateral relationship with China, especially within the realm of financial and banking systems.
“Nigeria remains committed to its alliances with those who have our best interests at heart and are willing to support our growth and development in a transparent and systematic manner. This approach is aligned with the Renewed Hope agenda of the current administration, which seeks to drive inclusive and sustainable development”, he said.
On his part, the Vice President, China Development Bank(CDB), Wang Weindong, stressed the need to respond to Africa’s industrialization initiative and expand the scope and capacity for cooperation between China and Africa.
He assured that the bank will utilize China-Africa development to finance a special fund to support infrastructure in Africa, promote the African continental region and improve economic cooperation.
Weindong said “ Our experience in cooperation with Africa shows that there is a bright future and enormous potential for Chinese and African financial institutions to advance organization.
“The CDB will continue to leverage our experience and expertise in investment and financial cooperation with Africa, and strengthen exchanges with African financial institutions”.
He urged Governments, secretaries, and business associations to enhance communication, to connect China’s modernization, and global development in line with the African Union Agenda 2063.
“We will support Africa to open up a global debt chain. We will continue to utilize a special loan from African SMEs to enhance knowledge sharing and technology transport to promote Africa’s industrialization and economic diversification.
“CDB will use various ways, including significant loans, on-demand equity investments, tripartite cooperation to support Africa’s industrialization.
We encourage more use”, he promised.
Earlier in his welcome address the Managing Director/CEO, First Bank of Nigeria(FBN), Olusegun Alebiosu underscored the need for stronger partnership between Africa and China as a panacea for driving improvements in trade and socio-economic transformation of both regions.
He affirmed First Bank’s commitment to the achievement of CAIBA’s objective of exploring innovative ways to reduce and eliminate existing barriers to the flow of trade and investments between Africa and China.
He posited that the bank was poised to increase it’s coverage of the Chinese market through expansion of its business presence beyond Beijing to other important commercial centers in China, including Guangdong and Shanghai.
“The pursuit of a stronger correspondent banking and financial systems ties between Africa and China is in the interest of both parties”, he said.