FirstBank Seeks Improved Nigeria-China Trade Relationship

• FirstBank Seeks Improved Nigeria-China Trade Relationship

As part of its strategic drive to strengthen business partnership between Nigeria and China, First Bank of Nigeria Limited recently organised the FirstBank-Chinese Business forum.

The event themed, ‘Deepening Sino-Nigerian Cooperation,’ took place in Lagos.

Speaking at the event, the MD/CEO, First Bank of Nigeria Limited & Subsidiaries, Adesola Adeduntan, was quoted in a statement from the bank to have said, “The business relationship between China and Nigeria is of great importance to us hence the establishment of our Representative Office in Beijing, China in 2010, to cater to the growing needs of Sino-Nigeria businesses, and to provide support in channelling trade flows between the two countries.

“Our promise is that we will always deliver the ultimate gold standard of value and financial excellence as we put customers at the heart of our business,” he added.

The statement explained that the forum was part of the bank’s strategy to promote economic partnership between Nigeria and China.

The Central Bank of Nigeria recently signed a currency swap agreement with the Peoples Bank of China in order to ease the burden of the liquidity issues faced by Nigerian business owners and Chinese manufacturers.

Notably, FirstBank was among the four banks appointed as settlement banks in the deal.

With the establishment of its representative office in China, FirstBank became the first Nigerian bank to record its presence in the Asian country and has since been a financial gateway in promoting business between China and Nigeria, a recognition that earned the Bank an invitation as a member of the Forum on China-Africa Cooperation (FOCAC) to promote the strategic advancement of the China Belt and Road Initiative, the United Nations 2030 agenda and the African Union 2063 development strategies for African economies.