On Thursday, President Bola Tinubu emphasized the importance of global collaboration in fostering collective progress and prosperity during his address at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, China. In a statement released by Ajuri Ngelale, Special Adviser on Media and Publicity, Tinubu praised the China-Africa partnership as a model for sustainable development and shared prosperity.
Speaking at the Great Hall of the People in Beijing, President Tinubu highlighted the visionary approach of the China-Africa partnership, describing it as essential for driving exceptional growth and development across both regions. He stressed the need for international cooperation to tackle global challenges, underlining that the partnership is built on a foundation of trust, mutual respect, and shared objectives.
“The success of FOCAC and our broader partnership highlights the important truth that global progress is not a zero-sum game. By working together, we create opportunities for sustainable development and shared prosperity,” Tinubu remarked. He emphasized the values of peaceful dialogue, transparent business practices, and diplomatic conflict resolution as key drivers of the partnership’s success.
The President expressed optimism that the China-Africa partnership would continue to strengthen in the future, driven by a bold collective vision. “Together, by pooling our strength and resources, we can unlock an unprecedented level of growth and development for our nations,” he added.
Tinubu also recognized the significant milestones achieved since FOCAC’s establishment in 2000, including China’s consistent support for Africa through financial aid, developmental initiatives, and cultural exchanges. He commended FOCAC co-chair, President Bassirou Diomaye Faye of Senegal, and other speakers for their contributions to the partnership, noting the resilience of China-Africa relations in the face of global challenges.
The flourishing economic relationship between Africa and China was also underscored, with trade volumes reaching an estimated $280 billion. Tinubu expressed confidence in the alignment of China’s Belt and Road Initiative with Africa’s infrastructure goals, anticipating continued collaboration and progress.
In his address, Chinese President Xi Jinping announced a $50 billion financial aid package for Africa, alongside additional military assistance, aimed at enhancing the partnership. He also pledged $280 million in aid to African nations and proposed a comprehensive plan to modernize Africa through ten partnership actions covering areas such as trade, industrial cooperation, agriculture, health, and green economic development.
To support these initiatives, the Chinese government will provide RMB360 billion yuan in financial support over the next three years. This includes RMB210 billion yuan in credit lines, RMB80 billion yuan in assistance, and at least RMB70 billion yuan in investment from Chinese companies in Africa. President Xi also encouraged Africa to issue panda bonds in China to further strengthen cooperation.
The China-Africa partnership, President Tinubu reiterated, is a powerful example of how mutual respect for sovereignty and non-interference in internal affairs can lead to lasting success, benefiting both regions and setting the stage for a new era of global peace, prosperity, and progress.
