Nigeria Signs Agreement With China To Combat Financial Crimes, Terrorism

The Federal Government and the People’s Republic of China have agreed to partner on a crackdown on financial intelligence on anti-monetary laundering and countering the financing of terrorism.

A joint statement by the two countries on ‘Establishing a Comprehensive Strategic Partnership and Building a High-Level China-Nigeria Community with a Shared Community with a Shared Future’, released by the State House on Wednesday, said both countries would collaborate to encourage flexible and diverse regional and monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria and make contributions to global financial stability.

At the invitation of the President of the People’s Republic of China, Xi Jinping, President Bola Tinubu was in China for a State Visit on Tuesday, and to attend the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).

The statement said, “The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/ countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”

According to the release, both countries have also committed to support the World Trade Organization’s focused multilateral trading system, oppose trade protectionism, promote trade and investment liberalisation and facilitation, and create a transparent and non-discriminatory business environment for cooperation.

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

“The two sides are committed to stepping up protection of lawful rights and interests of each other’s citizens on their territories and create a favourable 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, the international order underpinned by international law and the basic norms governing international relations guided by the purposes and principles of the United Nations Charter. The two sides advocate an equal and orderly multi-polar world and universally beneficial and inclusive economic globalisation and jointly uphold peace, development, equity, justice, democracy and freedom, the common values of humanity, and commit to a new approach to international relations focusing on win-win cooperation.

“The two sides agreed that, over half a century since the establishment of diplomatic ties between the two countries, both countries have shown respect to each other and treat each other as equals. The relationship between the two countries has withstood the test of international changes, the mutual trust has been enhanced continuously, and practical cooperation has yielded fruitful outcomes. The two countries have embarked on a path of seeking strength through unity for a win-win cooperation.

“The two sides reaffirmed their firm support to each other on issues related to their respective core interests and major concerns, particularly sovereignty and territorial integrity. The Chinese side supports the Renewed Hope Agenda of Nigeria and the efforts made by Nigeria to maintain national unity, peace, security, and social stability, as well as promote economic development and improve people’s welfare. The Nigerian side firmly adheres to the one-China principle, acknowledges that there is but one China in the world, and the government of the People’s Republic of China is the sole legal government representing the whole of China, and Taiwan is an inalienable part of China’s territory. Nigeria opposes any form of “Taiwan Independence” or interference in the internal affairs of China and firmly supports all efforts made by the Chinese government to achieve national reunification.

“The two sides spoke highly of the leading roles played by FOCAC in advancing the quality of cooperation between China and Africa over the past 24 years since, i.e. establishment of FOCAC, believing that the successful convening of the Beijing Summit of FOCAC 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 their mutually beneficial practical cooperation between China and Africa to achieve common development and prosperity.

“The two sides reiterate their firm support to each other in independently seeking a development path that suits their own national interest and will further strengthen exchanges on experiences of governance. Nigeria highly commends that under the leadership of the Communist Party of China, the Chinese people have made great transformation through a Chinese path to modernization, and subscribes to the opinion that the Chinese path to modernization expands options of development and solutions of practices for mankind in seeking modernization. They also commended each other’s efforts towards the prioritization of sustainable development and economic growth through the implementation of various developmental initiatives aimed at achieving poverty alleviation and enhanced food security.

“The two sides spoke highly of the overall planning, coordinating and driving roles played by the Intergovernmental Committee and its Sub-committees between China and Nigeria and decided to continue their active coordination under this mechanism, as well as maintain close communication on the convening of the second Plenary Session of the China-Nigeria Intergovernmental Committee and sessions of its Sub-committees.

“Nigeria applauds and supports the vision of Building a Community with a Shared Future for Mankind, The Belt and Road Initiative (BRI), the Global Development Initiative (GDI), the Global Security Initiative (GSI) and the Global Civilisation Initiative (GCI) proposed by President Xi Jinping. Both sides pledge to support each other’s efforts in multilateral affairs, including the UN, the G20 and BRICS. Both sides agree to support the increased calls for UN Security Council reforms with balanced geographical representation to reflect current geo-political realities. Both sides agree that human rights, including the right to development, are a common cause for all humanity and oppose the politicisation of human rights issues, i.e. the interference in other countries’ internal affairs under the pretext of human rights.

“China appreciates the efforts of Nigeria in enhancing regional peace and solidarity and promoting regional integration, with a strong emphasis on respecting democracy, good governance, and the rights of citizens. China supports the West African countries in addressing differences through friendly dialogue and consultations and to carry forward the regional integration. In this regard, China also urges other international actors to refrain from actions that could turn the region into a space for geopolitical contestation.

“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 of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.

“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market. Nigeria is willing to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs. China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy.

“The two countries will seize the opportunities of developing productive capacity, further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernisation, and foster new growth drivers in cooperation. Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data and other fields.

“The two sides agree to deepen cooperation on the infrastructure connectivity between the two countries. China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports and free trade zones, towards achieving integrated development and connectivity for industries. The two sides will make joint efforts to fully support Nigeria’s geographical and development advantage in West Africa to establish Africa’s flagship projects on cross-national and cross-regional cooperation.”