Nigeria, China to collaborate on financial crimes, terrorism

A joint statement issued by both countries on “Establishing a Comprehensive Strategic Partnership and Building a High-Level China-Nigeria Community with a Shared Future,” released by the State House today, revealed that the two nations will work together to promote flexible and diverse regional monetary and financial cooperation, including local currency swaps, to facilitate trade between China and Nigeria and contribute to global financial stability.

The statement noted, “Both countries have agreed to engage in international cooperation on financial intelligence regarding anti-money laundering and countering the financing of terrorism (AML/CFT) and to support Nigeria’s efforts to maintain order in its financial and foreign exchange markets while cracking down on financial crimes, including money laundering.”

Additionally, the two nations committed to supporting the World Trade Organization’s multilateral trading system, opposing trade protectionism, promoting trade and investment liberalization, and creating a transparent and non-discriminatory business environment for collaboration.

“The two sides further support the establishment of friendly relations between Chinese and Nigerian provinces, states, and municipalities to expand and deepen cooperation at the sub-national level.

“They are dedicated to enhancing the protection of the lawful rights and interests of each other’s citizens in their territories and creating a favorable business environment for each other’s companies.

“The two sides agreed to strengthen coordination and cooperation in multilateral affairs and jointly uphold the international system with the United Nations at its core, maintaining an international order based on international law and the fundamental norms governing international relations, guided by the principles of the United Nations Charter.

“They advocate for an equal and orderly multipolar world and for inclusive economic globalization that benefits all, while jointly promoting peace, development, equity, justice, democracy, and freedom as common values of humanity, and committing to a new approach to international relations focused on win-win cooperation.

“The two sides acknowledged that over the past fifty years since establishing diplomatic relations, they have shown mutual respect and treated each other as equals. Their relationship has endured the tests of international changes, with continuously enhanced mutual trust and fruitful practical cooperation. Both countries are committed to seeking strength through unity for win-win cooperation.

“They reaffirmed their strong support for each other on issues concerning their core interests and major concerns, particularly regarding sovereignty and territorial integrity. The Chinese side supports Nigeria’s Renewed Hope Agenda and its efforts to maintain national unity, peace, security, and social stability, as well as to promote economic development and improve the welfare of its people. In turn, Nigeria adheres firmly to the one-China principle, recognizing that there is only one China and that the government of the People’s Republic of China is the sole legal government representing all of China, with Taiwan being an inalienable part of Chinese territory. Nigeria opposes any form of “Taiwan Independence” and interference in China’s internal affairs, firmly supporting all efforts by the Chinese government toward national reunification.

“The two sides praised FOCAC’s leadership in enhancing cooperation between China and Africa over the past 24 years since its establishment, believing that the successful Beijing Summit of FOCAC has opened a new chapter of unity and cooperation between China and Africa. Guided by the Declaration of the Beijing Summit on Jointly Building a High-Level China-Africa Community with a Shared Future and Action Plan, the two sides are willing to deepen mutually beneficial practical cooperation to achieve common development and prosperity.

“Both countries reiterated their firm support for each other in independently pursuing development paths that align with their national interests and will enhance exchanges on governance experiences. Nigeria commends the significant transformation achieved by the Chinese people under the leadership of the Communist Party of China and agrees that the Chinese path to modernization offers diverse development options and solutions for humanity. They also acknowledged each other’s efforts to prioritize sustainable development and economic growth through various initiatives aimed at poverty alleviation and improved food security.

“The two sides recognized the important roles played by the Intergovernmental Committee and its Sub-committees in planning, coordinating, and driving cooperation between China and Nigeria, and they decided to continue active coordination under this framework, maintaining close communication regarding the upcoming second Plenary Session of the China-Nigeria Intergovernmental Committee and its Sub-committees.

“Nigeria supports and applauds the vision of building a Community with a Shared Future for Mankind, as well as the Belt and Road Initiative (BRI), Global Development Initiative (GDI), Global Security Initiative (GSI), and Global Civilisation Initiative (GCI) proposed by President Xi Jinping. Both sides commit to supporting each other in multilateral affairs, including within the UN, G20, and BRICS. They also agree on the need for reforms in the UN Security Council to ensure balanced geographical representation that reflects current geopolitical realities. They recognize that human rights, including the right to development, are a common cause for all humanity and oppose the politicization of human rights issues that interfere with the internal affairs of other countries.

“China appreciates Nigeria’s efforts to enhance regional peace and solidarity and promote regional integration, emphasizing the importance of democracy, good governance, and citizens’ rights. China supports West African nations in resolving differences through dialogue and consultation and encourages regional integration while urging other international actors to avoid actions that could turn the region into a battleground for geopolitical competition.

“Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation stemming from the Belt and Road Initiative and the outcomes of the FOCAC Conference, aligning them with Nigeria’s Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to promote high-level practical cooperation across various sectors.

“China invites Nigeria to enhance trade between the two nations through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE), the China Import and Export Fair (Canton Fair), as well as the Lagos and Abuja