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Africa: Stanbic IBTC Supports Africa-China Trade Relations

Stanbic IBTC Bank Plc has reiterated its commitment to the nation’s economic development by fostering international trade.

This was disclosed at a recent Africa China Agent Proposition (ACAP) webinar, with the theme: “Advancing Africa-China Trade Opportunities.”

During the session, panelists discussed the challenges which confronted Nigeria-China trade relations as a result of the COVID-19 pandemic, as well as the impact of recent regulatory pronouncements on trade between both countries.

In his welcome address, the Chief Executive, Stanbic IBTC Holdings Plc, Dr. Demola Sogunle, said the organisation remained committed to facilitating trade activities for clients, even in the face of prevailing challenges.

Speaking on the launch of ACAP, Sogunle said: “Stanbic IBTC launched ACAP in May 2019 to boost trade transactions between Africa and Asia, especially China, and helped customers consummate the best business deals without having to travel to China. These were made possible through our parent company, Standard Bank Group, in collaboration with the Industrial and Commercial Bank of China (ICBC).”

Asides growing the nation’s Gross Domestic Product (GDP), a statement quoted Sogunle to have stressed that the Africa-China trade has potential to create more jobs and reduce poverty.

He urged participants to take advantage of ACAP, which will give them the exclusive access to an array of exporters in China through an accredited agent, Zhejiang International Trading Supply Chain Co Ltd, also known as Guamao.