Africa, China trade ties hit $280bn – Tinubu

President Bola Ahmed Tinubu has disclosed that “The flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated $280 billion.” Speaking at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, President Tinubu highlighted the success of […]

President Bola Ahmed Tinubu has disclosed that “The flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated $280 billion.”

Speaking at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, President Tinubu highlighted the success of the China-Africa partnership as a model for sustainable development and shared prosperity.

The Nigerian leader said despite the 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.”

These impressive figures, President Tinubu said speak volumes about the extent of the economic relationship and expanding integration of the market, adding that, “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”.

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He also explained that at the heart of China-African relations is a foundation built 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 the sustenance of the momentum of cooperation and emphasised the need for peaceful dialogue, transparent business practices, and diplomatic conflict resolution in deepening the bond between Africa and China.

In his remarks, President Xi Jinping announced $50 billion in financial support for the continent, in addition to military aid.

He said China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.

The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernisation with Africa.

According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilisations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, 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.”