In a significant diplomatic development, Nigeria and China have deepened their bilateral relations by agreeing to a Comprehensive Strategic Partnership.
The partnership aims to enhance cooperation in trade, financial intelligence against money laundering and terrorist financing, and infrastructure development.
A joint statement issued by both governments outlined their commitment to encourage “flexible and diverse regional monetary and financial cooperation such as local currency swaps, to facilitate trade between the two countries and make contributions to global financial stability.”
This initiative aligns with a US$2.4 billion currency swap agreement between the Central Bank of Nigeria and the People’s Bank of China in 2018, which had faced implementation challenges due to trade imbalances.
The statement also emphasised collaboration on combating financial crimes.
“The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets,” it read.
In addition to financial cooperation, Nigeria and China committed to enhancing ties at the sub-national level, fostering closer relations between provinces and states in both countries.
The two sides agreed to “step up the protection of lawful rights and interests of each other’s citizens on their territories and to create a favourable business environment for each other’s companies.”
The partnership extends to sub-national cooperation, with both countries seeking to protect their citizens’ rights and create favourable business environments.
China expressed support for Nigeria’s “Renewed Hope Agenda,” focusing on national unity, peace, and economic growth, while Nigeria reaffirmed its support for China’s “one-China principle.”
The joint statement highlighted the shared goals of both nations in international affairs, including opposition to trade protectionism and the advocacy of a “transparent and non-discriminatory business environment.”
Both countries also committed to supporting the United Nations’ role in maintaining international order, with a mutual stance on promoting a multi-polar world and inclusive globalisation.
Nigeria and China also expressed their intentions to strengthen cooperation in areas such as digital economy, green development, and infrastructure.
“China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports, and free trade zones,” the statement said, indicating that such efforts will contribute to Nigeria’s integration within West Africa.
President Bola Tinubu is on a state visit to China. The visit, at the invitation of Chinese President Xi Jinping, also coincided with the Beijing Summit of the Forum on China-Africa Cooperation, FOCAC.
The statement noted that the summit “opened a new chapter of unity and cooperation between China and Africa,” and emphasised the importance of continued collaboration under the Belt and Road Initiative and other global initiatives proposed by President Xi.
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