During talks ahead of a summit of 50 African nations, President Xi Jinping of China and Nigerian President Bola Tinubu discussed opportunities for Nigeria to join China’s e-commerce and logistics sector, with China aiming to assist in diversifying and enhancing the Nigerian economy. According to a joint statement issued after their meeting, Xi emphasized the importance of strengthening strategic coordination between China and Nigeria as major developing countries, which would invigorate China-Africa relations in the new era and promote collective progress among Global South nations.
The two leaders also agreed to explore “flexible and diverse” regional monetary and financial cooperation, including local currency swaps, to bolster bilateral trade, as noted in a statement from China’s official news agency, Xinhua.
Additionally, China expressed support for Nigeria in enhancing its military technology, equipment, and intelligence capabilities, committing to collaborate on maintaining peace, security, and stability in the Sahel region, the Gulf of Guinea, and beyond. They also agreed to work together on intelligence-sharing to combat money laundering and terrorist financing.
The nations plan to strengthen ties in several key areas, including China’s Belt and Road Initiative, human resources development, and nuclear energy. According to a spokesperson for the Nigerian government, the Belt and Road Initiative has already facilitated significant infrastructure projects in Nigeria, ranging from a deep-sea port to railway lines.
“This comprehensive strategic partnership should result in robust development, stability, and security in the West African sub-region,” stated President Tinubu.
China is currently Nigeria’s largest bilateral lender, with loans amounting to $5 billion as of the end of March, according to Nigeria’s Debt Management Office.
During his visit, Tinubu toured the Huawei Research lab and secured a commitment from Huawei to establish a joint solar photovoltaic (PV) test lab in Nigeria. Additionally, another Chinese firm has pledged to set up an assembly plant for electric tricycles and provide training for Nigerians in technology and renewable energy development.