President Bola Tinubu on Thursday in Beijing, China, called for the sustenance of the momentum of cooperation and emphasised the need for peaceful dialogue, transparent business practices, and diplomatic conflict resolution in deepening the bond between Africa and China
Nigeria’s trade with China is estimated to be 30%, with both countries on Tuesday, agreeing to build stronger economic relationships that will strengthen local currency swap, that was initiated under the past administration of former President Muhammadu Buhari.
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President Tinubu and his Chinese counterpart Xi Jinping, had on Tuesday also witnessed the signing of Memorandum of Understanding MoU, in five areas, aimed at strengthening economic relationships
Speaking at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, President Tinubu highlighted the success of the China-Africa partnership as a model for sustainable development and shared prosperity.
This is as the President also highlighted the flourishing economic partnership between Africa and China, with trade reaching an estimated $280 billion, and expressed optimism about the alignment of China’s Belt and Road Initiative with Africa’s infrastructure goals.
He noted that at the ” heart of China-Africa relations is a foundation built on trust, mutual respect, and the pursuit of common goals. As we look to the future, it is crucial that we maintain the momentum. Peaceful dialogue, transparent business practices, and diplomatic conflict resolution remain at the forefront of our efforts.
“These values will ensure that the bond between Africa and China continues to deepen and benefit both regions for the generations yet to come. The partnership is not only about shared history. It is driven by a bold collective vision for the future.
“Together, we join hands by pulling our strength and resources together. We can unlock an unprecedented level of growth and development for our nations,” the President said.
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President Xi Jinping of China, in his opening remarks, pledged $50 billion in financial support for the African continent, in addition to military aid, over the next three years.
The Chinese leader, while appreciating Chinese ties with African nations, said China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.
He also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernization with Africa.
According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.
“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.
”This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas,” he said.
The Chinese leader proposed that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.
Read also: Nigeria-China agree to boost trade, strengthen currency swap initiative
”Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.
”With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” President Xi stated.
