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African News Herald > Blog > Business > 4 major takeaways from the Chinese foreign Minister’s visit to Nigeria
Business

4 major takeaways from the Chinese foreign Minister’s visit to Nigeria

ANH Team
Last updated: January 11, 2025 9:35 am
ANH Team
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China’s Foreign Minister, Wang Yi, recently embarked on a New Year tour of Africa, reaffirming Beijing’s longstanding commitment to strengthening ties with the continent. The visit, spanning from January 5 to 11, is part of a 35-year tradition aimed at consolidating China’s influence in Africa, particularly as other global powers face distractions and shifts in focus.

During his tour, Wang Yi highlighted China’s enduring engagement with African nations, with a focus on economic development, trade, and political cooperation. The countries visited, including Namibia, the Republic of Congo, Chad, and Nigeria, underscore China’s consistent efforts to deepen its partnership with Africa.

In particular, the discussions with Nigeria centered on enhancing cooperation in key areas such as clean energy, defense, and finance. Nigeria holds a significant position as the largest African market for Chinese exports and a key destination for Chinese technology investments and construction projects.

One of the key points of discussion during Wang Yi’s visit was the currency swap agreement between Nigeria and China. President Bola Tinubu urged China to expand the $2 billion agreement to boost bilateral trade, facilitating transactions in local currencies rather than relying on the US Dollar.

In addition, Nigeria sought China’s support for its bid for a permanent seat on the UN Security Council. President Tinubu emphasized the importance of China’s influence in securing Nigeria’s position on the council, aligning with the African Union’s push for increased representation.

Wang Yi reiterated China’s commitment to supporting Africa’s peace and stability efforts, emphasizing the need for global solidarity in addressing security challenges. China’s support for Africa includes military assistance through the Global Security Initiative, aimed at enhancing peacekeeping and counterterrorism capabilities.

See also  Salesforce, the company behind Slack, has a game plan for Nigeria and it’s all about talent

President Tinubu also called for an upward review of the $50 billion aid package pledged by Chinese President Xi Jinping for Africa. The financing focuses on infrastructure development and trade cooperation, with a goal of creating jobs and promoting economic growth in the region.

Overall, Wang Yi’s tour of Africa reflects China’s ongoing commitment to strengthening its partnership with the continent, supporting economic development, peace, and stability. The discussions and agreements reached during the visit are poised to further deepen the mutually beneficial relationship between China and African nations.

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