Nigeria and the People’s Republic of China have reaffirmed their commitment to advancing regional monetary and financial cooperation through flexible initiatives like local currency swaps to boost trade and support global financial stability.
The Central Bank of Nigeria, CBN, had previously signed a $2.4 billion bilateral currency swap agreement with the People’s Bank of China, in 2018. However, challenges arose due to trade imbalances between the two countries, hampering its full implementation. Both nations are now seeking to overcome these obstacles as part of a broader strategy to strengthen their financial collaboration.
Additionally, Nigeria and China have agreed to cooperate on financial intelligence, focusing on anti-money laundering and combating the financing of terrorism. The agreement also supports Nigeria’s efforts to safeguard its financial and foreign exchange markets while cracking down on financial crimes.
The two countries signed multiple partnership agreements and MoUs aimed at expanding sub-national cooperation, promoting friendly relations between states and municipalities and creating a favorable business environment for companies from both nations. President Xi Jinping welcomed Nigeria’s role in expanding trade, emphasizing joint efforts to leverage Nigeria’s geographic and developmental advantages in West Africa to launch flagship projects on cross-regional cooperation.
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Both leaders have upgraded their relationship to a Comprehensive Strategic Partnership, aiming to build a High-Level China-Nigeria Community with a shared future. In their discussions, Presidents Tinubu and Xi recognized their countries as major representatives of the Global South and emphasized the importance of strengthening strategic cooperation to propel China-Africa relations forward.
China also pledged to support Nigeria’s “Renewed Hope Agenda,” reinforcing Nigeria’s unity, security and economic development. In return, Nigeria reaffirmed its adherence to the “One China” policy, firmly opposing any form of Taiwan independence.
The two sides praised the Forum on China-Africa Cooperation for advancing China-Africa relations over the past 24 years, with the Beijing Summit marking the start of a new chapter in their cooperation. They reiterated their mutual support for independent development paths and pledged to continue exchanging governance experiences to strengthen bilateral ties.
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