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15 August 2022

Stanbic IBTC Promotes Africa-China Trade with Expo

With the 2022 Stanbic IBTC African-China Expo, the bank is set to further strengthen and promote businesses between African countries and China. In his opening address at the conference, the CEO Stanbic IBTC Bank, Wole Adeniyi, pointed out that the bank would continue to provide the needed support to promote trade relationship between local businesses in Nigeria and their counterpart in China.

According to Adeniyi, the bank’s Africa-China Trade Support has recorded over 16,000 transactions and successfully completed $2.5 billion deals, adding that the bank offer trust and facilitate matchmaking for business-to-business.

With the theme, ‘Synergy for Growth,’ the African-China Expo seek to close gap between the country’s trade imbalance by developing capacities of local manufacturing, agricultural products and value addition processes.

Speaking at the African-China Expo, the Chinese-Consulate General Lagos, MrGuoPengwen, emphasised the Chinese government’s readiness to work with all the countries to build an open world economy.

According to him, Chinese President, President Xi Jinping, intend to triple African exports to China by 2024 by supporting African trading companies to enter the Chinese market, while noting that China and Nigeria as one of the important economies in Asia and Africa need to share trade cooperation to benefit the people of the two countries.

While noting that banks and financial institutions play a more important role in promoting international trade, he encouraged the largest commercial bank in Africa, Standard Bank Group, to continue to provide support to Africa-China trade and the China-Nigeria trade by providing solutions and platforms for importers and exporters.

“There is need to create connections between traders in China and Africa and support Chinese products. The going may be tough when one walks alone, but it get easier when people walk together; it is expected that Nigeria and Chinese enterprise would make use of the trade platforms provided by Stanbic IBTC and the Standard Bank Group, to find potential, seize opportunities, help each other and jointly trade a better and a solid business environment between China and Nigeria,” he said.