Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings, has signed a landmark three-year term loan agreement worth 800 million Chinese Yuan (CNY) with the China Development Bank (CDB), marking a significant step in strengthening financial cooperation between Nigeria and China.
The agreement, announced over the weekend, is aimed at enhancing Stanbic IBTC’s capacity to support trade and investment flows between both countries. It is also expected to provide additional liquidity for Nigerian businesses engaged in import and export activities with China, particularly in critical sectors such as manufacturing, infrastructure, and technology.
Commenting on the development, Dr. Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, described the facility as a testament to the bank’s long-standing relationship with Chinese financial institutions and its commitment to facilitating cross-border business growth.
“This transaction not only underscores our role in enabling access to international capital for Nigerian businesses but also reflects global confidence in Nigeria’s financial institutions,” Dr. Sogunle noted.
The China Development Bank, a key policy bank of the Chinese government, expressed confidence in the partnership, stating that it aligns with China’s Belt and Road Initiative and supports development financing in emerging markets.
Analysts say the loan facility is likely to improve forex availability for Stanbic IBTC’s corporate and commercial clients and could encourage more renminbi-denominated trade settlements in Nigeria.
The deal further positions Stanbic IBTC as a key intermediary in Nigeria-China financial cooperation, especially at a time when the Nigerian economy is seeking to diversify and deepen external trade partnerships.
