Nigerian Govt, China To Collaborate On Financial Crimes, Terrorism

The Federal Government of Nigeria and the People’s Republic of China have entered into a comprehensive strategic partnership to enhance financial intelligence, focusing on anti-money laundering and countering the financing of terrorism.

This collaboration aims to strengthen both nations’ efforts in maintaining financial stability and safeguarding economic interests.

In a joint statement titled ‘Establishing a Comprehensive Strategic Partnership and Building a High-Level China-Nigeria Community with a Shared Future,’ released by the State House on Wednesday, both countries emphasized their commitment to fostering flexible and diverse regional monetary and financial cooperation.

Initiatives such as local currency swaps will be promoted to facilitate trade between China and Nigeria, thereby contributing to global financial stability.

President Bola Tinubu, at the invitation of President Xi Jinping of China, made a State Visit to China on Tuesday, where he also participated in the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).

During this visit, both nations agreed to collaborate on international financial intelligence efforts aimed at combating money laundering and the financing of terrorism (AML/CFT). The statement also underscored China’s support for Nigeria’s initiatives to protect the integrity of its financial and foreign exchange markets and to crack down on financial crimes.

Moreover, Nigeria and China reaffirmed their commitment to supporting the World Trade Organization’s multilateral trading system, opposing trade protectionism, and promoting trade and investment liberalization. They also pledged to create a transparent, non-discriminatory business environment to foster cooperation between their countries.

The partnership extends to fostering closer relations at the sub-national level, with both sides supporting the establishment of more friendly ties between Chinese and Nigerian provinces, states, and municipalities. This initiative aims to deepen cooperation at various levels and ensure the protection of the lawful rights and interests of each other’s citizens and businesses within their territories.

On the international stage, both countries agreed to strengthen coordination and cooperation in multilateral affairs, supporting an international system anchored by the United Nations. They also advocated for a multipolar world order based on equality, peace, development, and shared prosperity, and opposed the politicization of human rights issues.

The statement highlighted the enduring diplomatic relationship between Nigeria and China, which has grown stronger over the past half-century. The two nations reaffirmed their mutual respect for each other’s sovereignty and territorial integrity, with Nigeria reiterating its adherence to the One-China principle. In return, China expressed its support for Nigeria’s Renewed Hope Agenda, emphasizing efforts to maintain national unity, peace, security, and economic development.

Additionally, the two sides praised the achievements of FOCAC in advancing China-Africa relations over the past 24 years, noting that the Beijing Summit has opened a new chapter of unity and cooperation. Both countries expressed their willingness to deepen mutually beneficial cooperation between China and Africa to achieve common development and prosperity.

The statement also commended China’s modernization efforts under the leadership of the Communist Party of China, which has provided new pathways for global development. Both nations agreed to continue sharing governance experiences and to prioritize sustainable development and economic growth, focusing on poverty alleviation and food security.

Finally, Nigeria and China reiterated their commitment to advancing high-level cooperation through the Belt and Road Initiative and the outcomes of the FOCAC Conference, aligning them with Nigeria’s Renewed Hope Agenda. They expressed a mutual desire to enhance trade, infrastructure connectivity, and investment opportunities, particularly in areas like the digital economy, green development, and agricultural modernization. China also welcomed Nigeria’s participation in various trade expos and encouraged the expansion of Nigerian exports to China.

Both nations are poised to deepen their partnership, exploring new avenues of cooperation in infrastructure development, energy, and other key sectors to drive economic growth and regional stability.