President Bola Ahmed Tinubu revealed that “The flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated $280 billion.”
President Tinubu spoke at the opening ceremony of the 2024 Forum on China-Africa Cooperation (FOCAC) summit at the Great Hall of the People in Beijing, highlighting the success of China-Africa cooperation as a model of sustainable development and shared prosperity.
The Nigerian leader said that despite global challenges, the partnership with China “Has stood firm, resolute and offering a powerful example of what can be achieved through respect for sovereignty and non-interference, one of the highlights of this collaboration.”
President Tinubu said these impressive figures speak volumes for the scope of economic ties and expanding market integration, adding, “I see China’s Belt and Road Initiative, aligned with Africa’s own infrastructure goals under the African Continental Free Trade Agreement, this offers even a greater promise”.
He also said that the core of China-Africa relations is a foundation based 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, diplomatic, and conflict resolution remain at the forefront of our efforts.”
Tinubu called for maintaining the momentum of cooperation and stressed the need for peaceful dialogue, transparent business practices, and diplomatic conflict resolution to deepen Africa-China relations.
In his speech, President Xi Jinping announced $50 billion in financial assistance to the continent in addition to military aid. He said China attaches great importance to its relations with African countries, and China and Africa should unite their peoples to become a powerful force and write a new chapter of world peace, prosperity, and progress.
The Chinese leader also pledged an additional $280 million in aid to African countries and proposed partnership measures to advance modernization with Africa.
According to President Xi Jinping, the 10 policies to be implemented over the next three years will cover the fields of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihood, 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.”
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