FOCAC: Tinubu Lauds $280bn Economic Trade Partnership Between Africa And China

· Jinping pledges $50bn financial aid for Africa

· Lists 10 partnership action plans

· Tinubu: at the heart of China-African relations is a foundation built on trust, mutual respect

· Canvasses multilateralism for lasting peace, security globally

President Bola Tinubu has described the $280 billion Economic Trade Partnership growth between Africa and China as exponential.

Speaking on Thursday in Beijing, at the Forum on China-Africa Cooperation (FOCAC), Tinubu underscored the value of the trade volume between Africa and China, saying it shows deep economic relationship and expanded integration.

The Nigerian leader told the forum, which included Chinese President Xi Jinping and other African leaders, “I think the flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated 280 billion US dollars.”

He highlighted China’s consistent demonstration of commitment to Africa, describing it as high level engagement that has yielded strategic agreement and shared vision of growth.

The ECOWAS Chairman said the partnership was one built on mutual respect, sovereignty, and non-interference.

According to him, “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.”

He added, “Diplomatic conflict resolution remains at the forefront of our efforts.”

Tinubu informed the forum, which also had UN Secretary-General, António Guterres, in attendance, that FOCAC, as a platform, had played a crucial role in strengthening economic ties and reaffirming both partners’ commitment to mutual progress, despite global challenges facing the regions.

He stated, “China has consistently demonstrated its commitment to Africa, not only through financial and developmental support, but also through cultural exchanges that bring our people closer and closer together.

“The establishment of the institute and Chinese cultural centres across Africa exemplifies the depth of our cultural function and shared learning.

“This impressive figures speak volumes about the extent of our economic relationship and expanding integration of our market. I say China’s Belt and Road Initiative aligns with Africa’s own infrastructure goals under the African Continental Free Trade Agreement.

“Our joint efforts reinforce the vision for a multipolar world, where diverse perspectives are embraced and cooperation is key to solving global challenges.”

The president explained that the project offered a great promise that further signified the success of FOCAC and the broader partnership, revealing the importance of cooperation in creating opportunities for development and shared prosperity.

Tinubu emphasised the importance of continued cooperation in trade, investment, and cultural exchange, despite global challenges.

He said the FOCAC platform “has been pivotal in strengthening our economic ties and reaffirming our commitment to mutual progress, despite the global challenges we face, whether the economy or geographical, our partnership has stood firm, resolute and offering a powerful example of what can be achieved through respect for sovereignty and non-interference, one of the highest highlights of this collaboration.”

Earlier in his remarks, Jinping announced a $50 billion financial support for Africa, in addition to military aid.

The Chinese president said China appreciated its ties with African nations, stressing that both should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.

He pledged another $280 million in aid to African countries, while proposing partnership actions to jointly advance modernisation with Africa.

According to him, the 10 action plans, to be implemented in the next three years, cover 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.

Jinping stated, “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.

”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas.”

He proposed a new era of relations between China and Africa.

According to him, “Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.

“With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterisation of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.”

Also speaking at a high-level meeting on peace and security at the 2024 Forum on China-Africa Cooperation (FOCAC), on Thursday in Beijing, Tinubu called on world leaders to embrace multilateralism and reject protectionism as essential steps towards achieving lasting peace, security, and stability.

The President, who spoke in his capacity as Chairman of ECOWAS Authority of Heads of State and Government, declared, “Your Excellencies, as the world searches for new ways of establishing an enduring peace amidst complicated and dynamic security challenges across regions, I say there is an urgent need to rethink the approach to global governance and economic development.

“Embracing multilateralism and rejecting protectionism and strengthening cooperative partnership is essential if we must achieve lasting peace, security, stability, and prosperity for future generations.”

Tinubu stated that the challenges facing today’s world – ranging from food insecurity to armed conflict – could only be addressed through partnerships founded on mutual respect, fairness, and inclusiveness.

He said, “I thank the African Union for being very consistent in their advocacy for global peace and working towards the realisation of its vision for a peaceful and secure Africa as articulated in Agenda 2063.

“The AU’s Silencing the Guns Initiative has been pivotal in restoring peace across the continent and re-enforcing the call for global peace.

“We have very little time left and I send sincere appreciation to the People’s Republic of China for its unwavering commitment to building a shared future for the advancement of humanity.”

The ECOWAS chairman reiterated Nigeria’s commitment to promoting peace, good governance, and security across West Africa, while commending China’s contributions to Africa’s development through initiatives like the Belt and Road and FOCAC.

He highlighted the importance of confronting the root causes of conflicts, such as poverty, inequality, and social injustice, emphasising that true peace is not just the absence of war, but the presence of justice, equity, economic opportunity, and human security.

According to Tinubu, “Nigeria has played a pivotal role in ECOWAS evolution. Throughout the bloc’s transition from an economic bloc to an integrated regional security architecture for West Africa, Nigeria has been there at the forefront.

“Nigeria’s leadership has been critical in developing mechanisms for conflict resolution and management.

“ECOWAS remains deeply committed to upholding good governance, combating terrorism, providing humanitarian aid, and engaging in intensive peacekeeping, diplomacy, and mediation.

“Nigeria’s approach to fostering peace and stability in West Africa is comprehensive, combining military intervention, diplomatic engagement, dialogue, negotiations, and mutually-beneficial economic collaboration. “Nigeria’s unwavering commitment to peacebuilding has solidified its position as a cornerstone of regional stability. We will continue to strengthen our efforts in support of a more secure and prosperous West Africa. I assure you.”