The Federal Government of Nigeria and the People’s Republic of China have announced a strategic partnership aimed at enhancing financial intelligence, combating money laundering, and countering the financing of terrorism (AML/CFT).
A joint statement from the two nations highlighted their commitment to promoting financial cooperation through mechanisms such as local currency swaps, which will facilitate bilateral trade and contribute to global financial stability.
The collaboration was formalized during President Bola Tinubu’s state visit to China, where he attended the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) at the invitation of President Xi Jinping. The joint statement emphasized the importance of safeguarding financial markets, cracking down on financial crimes, and supporting Nigeria’s financial regulations.
Additionally, both countries agreed to bolster the World Trade Organization’s multilateral trading system, oppose protectionism, and promote a transparent and fair business environment.
They also pledged to strengthen ties at the sub-national level, create favorable conditions for businesses, and advocate for shared global values like peace, democracy, and inclusive economic globalization.
China and Nigeria further committed to deepening cooperation in various sectors, including infrastructure development, energy, digital economy, and agriculture, to drive economic growth and integration. Notably, Nigeria supports the “One-China Principle” and opposes Taiwan’s independence.
Meanwhile, China expressed its support for Nigeria’s Renewed Hope Agenda and efforts towards economic development, social stability, and national unity. Both sides also endorsed China’s Belt and Road Initiative and various global initiatives proposed by President Xi Jinping.
Their partnership extends to promoting sustainable development, regional peace, and fostering mutual investments, especially in infrastructure, transportation, and free trade zones.
China also reaffirmed its commitment to importing more Nigerian goods and helping Nigeria harness its potential as a key player in West Africa’s economy.
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