In a significant diplomatic development, Nigeria and China have entered into a comprehensive strategic partnership aimed at enhancing financial intelligence, combating money laundering, and countering the financing of terrorism. The agreement was reached during President Bola Tinubu’s state visit to China and participation in the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC). The two nations agreed to collaborate closely on anti-money laundering (AML) and counter-terrorism financing (CFT) measures to bolster financial stability in Nigeria.

A joint statement released by the State House on Wednesday outlined the framework for this partnership, emphasizing the importance of flexible and diverse regional monetary cooperation, such as local currency swaps, to facilitate trade between the two countries. Both nations have pledged to support each other in maintaining financial and foreign exchange market stability, as well as in cracking down on financial crimes, including money laundering.

The agreement also highlights a shared commitment to supporting the World Trade Organization’s multilateral trading system, opposing trade protectionism, and promoting a transparent business environment. Nigeria and China have further agreed to strengthen sub-national cooperation and protect the lawful rights and interests of each other’s citizens, fostering a favorable business climate.

The partnership underscores the long-standing relationship between Nigeria and China, which has been built on mutual respect and equality over the past half-century. Both sides reaffirmed their support for each other on issues related to sovereignty and territorial integrity, with Nigeria reiterating its adherence to the one-China principle.

This strategic partnership is expected to pave the way for deeper economic and security cooperation between the two nations, as they work together to achieve shared goals of peace, development, and prosperity.