Nigeria and China have committed to working together to boost regional financial cooperation, including local currency swaps, to make trade between the two countries easier and support global financial stability.
This commitment was part of a joint statement made during President Tinubu’s official visit to China.
In 2018, the Central Bank of Nigeria (CBN) signed a currency swap agreement with the People’s Bank of China (PBoC) worth $2.4 billion.
However, trade imbalances between the two countries have caused challenges in implementing the agreement.
The two nations also agreed to cooperate on financial intelligence to fight money laundering and terrorism financing, helping Nigeria protect its financial markets and crack down on financial crimes.
Both sides signed several partnership agreements to build stronger relationships between their provinces and states, aiming to deepen cooperation at the local level.
They also pledged to protect the rights of each other’s citizens and create a favorable business environment for companies from both countries.
China welcomed Nigeria’s efforts to increase trade between the two nations, and both agreed to support Nigeria in becoming a leader in cross-national and cross-regional projects in Africa.
President Tinubu’s visit to China also included attending the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), where both presidents emphasized the importance of their strengthened strategic partnership.
They agreed to upgrade the relationship between Nigeria and China to a Comprehensive Strategic Partnership, aiming to build a closer, high-level community with a shared future.
China expressed support for Nigeria’s efforts to maintain national unity, peace, and economic development, while Nigeria reaffirmed its commitment to the one-China policy, acknowledging Taiwan as an inseparable part of China.
Both countries praised the role of FOCAC in enhancing China-Africa cooperation and promised to continue supporting each other in choosing development paths that suit their national interests, while sharing experiences in governance.
