Nigeria-China trade corridor gets fresh push as Stanbic IBTC cou...

Stanbic IBTC Bank is seeking to deepen Nigeria-China trade and investment flows by connecting businesses in both markets to financing, suppliers, infrastructure opportunities and new channels for cross-border transactions amid growing economic ties between Africa’s largest economy and the world’s second-largest economy.

The bank made the push through the maiden edition of its Business Without Borders forum, held in Lagos and Abuja, where business leaders, investors, diplomats, policymakers and other stakeholders examined opportunities for expanding bilateral commerce under the theme, “Strengthening Nigeria-China Partnerships for Sustainable Growth.”

Chief Executive of Stanbic IBTC Bank, Wole Adeniyi, said stronger commercial relationships between Nigerian and Chinese businesses could accelerate investment, innovation and employment while supporting economic growth.

He said the bank was positioning itself as a financial bridge for companies seeking to expand across borders through tailored financing, advisory services and market-access solutions.

“As global commerce grows, strategic collaborations beyond borders are vital. Fortifying relationships between Chinese and Nigerian enterprises can accelerate investment, foster innovation, generate employment, and support economic advancement,” Adeniyi said.

The bank said its partnerships with Industrial and Commercial Bank of China (ICBC) and Standard Bank Group give Nigerian businesses access to international financial networks and create opportunities to facilitate trade and investment between the two markets.

Executive Director, Corporate and Transaction Banking at Stanbic IBTC, Eric Fajemisin, said deeper economic ties would require relationships based on trust and long-term commercial interests rather than transactions alone.

“As Nigeria and China deepen their economic and commercial ties, the relationships cultivated through platforms like this will be key in shaping future growth and development,” he said.

At the Lagos event, Li Li, Chief Executive Officer of ICBC Africa, highlighted the scale of the broader Africa-China commercial relationship, noting that China-Africa trade reached a record $348.052 billion in 2025.

He also emphasised the growing role of the Renminbi (RMB) in facilitating trade and investment, particularly as African businesses seek alternatives and greater flexibility in settling transactions with Chinese counterparties.

For Nigeria, the increased use of RMB-based trade financing could help businesses manage transactions with Chinese suppliers while reducing some of the friction associated with converting between naira, dollars and other currencies.

The Abuja session also focused on strengthening institutional and commercial linkages between Nigerian and Chinese businesses.

Yingqi Wang, Minister Counsellor, Economic and Commercial Affairs at the Chinese Embassy, said Standard Bank’s presence across Africa and its connection to Chinese financial and commercial resources placed it in a strong position to support Chinese businesses operating on the continent.

The forum examined opportunities spanning bilateral trade, infrastructure financing, industrialisation, regulatory compliance and job creation, with particular attention to how Nigerian companies can gain access to Chinese suppliers, technology and capital.

Stanbic IBTC’s Africa-China strategy already includes a significant financing component.

In July 2025, the bank signed an RMB800 million term loan agreement with China Development Bank, providing access to Renminbi liquidity that can support transactions and businesses operating along the Africa-China trade corridor.

The bank also operates its Africa China Trade Solutions (ACTS) platform, which helps Nigerian businesses identify Chinese suppliers and supports the process from sourcing and price negotiation to quality assurance and logistics.

The initiative comes as China remains a major source of Nigeria’s imported machinery, equipment, manufactured goods and industrial inputs, while Nigerian businesses continue to seek greater access to Chinese technology, capital and supply chains.

For Nigerian manufacturers, access to reliable suppliers and financing can be critical as businesses seek to expand production, lower input costs and improve competitiveness.

For Chinese companies, Nigeria provides access to one of Africa’s largest consumer markets, significant natural resources and opportunities across infrastructure, manufacturing, energy, technology and logistics.

The challenge, however, is ensuring that bilateral trade produces greater domestic value rather than simply increasing imports.

A stronger commercial relationship would have greater economic impact if it supports local manufacturing, technology transfer, skills development, export capacity and infrastructure rather than deepening Nigeria’s dependence on imported finished products.

That makes the financing and advisory role of banks increasingly important.

By combining access to Chinese suppliers and capital with Nigerian market knowledge, financial institutions can help businesses move beyond conventional import transactions into longer-term investment and production partnerships.

The Business Without Borders initiative therefore signals a broader shift in Nigeria-China commercial relations: from trading goods across borders to building financial, industrial and investment linkages capable of supporting production and economic expansion