Tinubu hails China-Africa partnership as China pledges $50bn for Africa

President Bola Tinubu on Thursday in Beijing, China, emphasized the importance of global collaboration in achieving shared progress and prosperity.

He said this 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.

Tinubu highlighted the success of the China-Africa partnership as a model for sustainable development and shared prosperity.

He noted that the partnership is driven by a bold vision for the future and that by working together, Africa and China can unlock unprecedented levels of growth and development for their nations.

The President said cooperation is key to solving global challenges and that the China-Africa partnership is built on trust, mutual respect, and the pursuit of common goals.

Tinubu called for the sustenance of 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.

He expressed optimism that the partnership will continue to benefit both regions as it is driven by a bold collective vision for the future.

The President highlighted the defining moments of the partnership, including China’s consistent commitment to Africa through financial and developmental support, cultural exchanges, and the establishment of FOCAC in 2000.

The President also highlighted the flourishing economic partnership between Africa and China, with trade reaching an estimated $280 billion.

He expressed optimism about the alignment of China’s Belt and Road Initiative with Africa’s infrastructure goals.

In his remarks, President Xi Jinping announced $50 billion in financial support for the continent, in addition to military aid.

President Xi said China appreciates its ties with African nations and that China and Africa should rally their populations together to become a powerful force and write a new chapter in global peace, prosperity, and progress.

The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernization with Africa. 

According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation.

Others are health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security. 

He said that to implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years. 

He said that in the breaks down RMB210 billion yuan is of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies. 

The Chinese president said that In addition, China will encourage and support Africa in issuing panda bonds in China to enhance the country’s results-oriented cooperation in all areas.

The Chinese leader proposed that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.