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. He noted that despite global challenges, the partnership with China “has stood firm, resolute, and offers 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 the expanding integration of the market. He added, “I see China’s Belt and Road Initiative, aligned with Africa’s own infrastructure goals under the African Continental Free Trade Agreement, offering even greater promise.”
He further 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, diplomacy, and conflict resolution must remain at the forefront of our efforts.”
Tinubu called for sustaining the momentum of cooperation and emphasized 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 stated that China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force, writing a new chapter in global peace, prosperity, and progress.
The Chinese leader also pledged an additional $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 over the next three years cover areas such as mutual learning among civilisations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture, 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 in financial support over the next three years. This breaks down into RMB210 billion yuan in credit lines, RMB80 billion yuan in assistance in various forms, and at least RMB70 billion yuan in investment in Africa by Chinese companies.”
