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President Bola Tinubu's diplomatic visit to China resulted in several landmark agreements between Nigeria and China, marking a significant shift in bilateral relations.
The visit was part of Tinubu's broader foreign policy agenda to secure international partnerships to deepen economic cooperation, improve infrastructure, and foster trade ties.
These agreements covered various sectors, including energy, transportation, and technology.
Here's a detailed breakdown of the agreements signed during Tinubu's visit.
1. Bilateral Currency Swap Agreement
One of the most notable agreements was the expansion of the bilateral currency swap deal, first initiated in 2018.
The currency swap arrangement allows the Central Bank of Nigeria (CBN) and the People's Bank of China (PBoC) to exchange currencies to facilitate trade and investment between the two nations without relying heavily on the US dollar.
With the renewed deal, both countries aim to increase liquidity in the Nigerian market, ease trade transactions, and reduce pressure on foreign exchange reserves.
The Nigerian government expects this deal to improve the availability of the Chinese yuan for Nigerian businesses, thus facilitating smoother transactions between Nigerian and Chinese firms.
2. Infrastructure Development Agreement
A significant portion of the agreements focused on infrastructure development, particularly road, rail, and energy projects. China committed to providing substantial funding and technical support for Nigeria's infrastructure master plan.
This includes completing critical railway projects, building significant highways, and developing energy facilities.
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Nigeria is set to benefit from China's expertise in constructing durable road and rail networks, which are expected to enhance transportation and logistics across the country.
Under this deal, the Lagos-Calabar coastal railway project, which had stalled due to funding challenges, received a significant boost.
China's involvement promises to expedite the completion of this project, which is expected to transform Nigeria's transportation landscape by linking major cities and ports, facilitating trade, and reducing travel times.
3. Power Generation Agreement
Nigeria and China signed a comprehensive power generation agreement to address the perennial power shortages that have plagued Nigeria's economy.
The deal encompasses the development of new power plants, the upgrading of existing power facilities, and the expansion of renewable energy sources such as solar and hydroelectric power.
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This agreement aligns with President Tinubu's commitment to resolving Nigeria's energy crisis and boosting industrial growth.
With China's assistance, Nigeria plans to increase its power generation capacity by several megawatts over the next few years, significantly reducing blackouts and powering economic activities across various sectors.
4. Mining and Solid Minerals Cooperation
To diversify Nigeria's economy beyond oil, Tinubu signed an agreement with China focusing on mining and solid minerals exploration.
Nigeria is rich in untapped mineral resources, including gold, tin, and columbite, and this partnership aims to unlock the potential of the sector.
With its vast experience in mining and processing minerals, China will provide the necessary technical expertise and equipment to develop Nigeria's mining sector.
The deal also includes provisions for training Nigerian professionals in modern mining techniques and technology transfer, which could significantly increase local capacity and reduce dependence on foreign expertise.
With this agreement, Nigeria hopes to boost its revenues from solid minerals and create jobs in the sector.
5. Technology and Telecommunications Agreement
The digital economy was another major focus of the visit, as Nigeria signed a technology and telecommunications cooperation agreement with China.
The deal seeks to enhance Nigeria's digital infrastructure, improve internet penetration, and foster the growth of the telecommunications sector.
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Chinese tech giants, including Huawei and ZTE, are expected to play a pivotal role in deploying 5G networks across Nigeria, improving broadband access, and expanding digital inclusion.
The agreement also covers cybersecurity cooperation, with both countries pledging to collaborate on addressing cyber threats and ensuring the safety of digital platforms.
6. Cultural Exchange and Education Agreement
A cultural exchange agreement was signed to promote closer ties between Nigerian and Chinese educational institutions.
This includes student exchange programmes, scholarships for Nigerian students to study in China, and collaboration between universities in both countries.
The agreement also seeks to promote Chinese language studies in Nigerian schools and increase the number of cultural exchange programmes between the two nations.
This initiative is expected to strengthen people-to-people ties and foster mutual understanding between the Nigerian and Chinese populations, enhancing diplomatic relations at a grassroots level.
7. Agricultural Cooperation Agreement
Nigeria and China signed an agricultural cooperation agreement to improve food security and boost agricultural productivity in Nigeria.
The agreement involves the transfer of Chinese agricultural technology, expertise, and investment into Nigeria's farming sector.
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China will also provide funding for irrigation projects, modern farming equipment, and training for Nigerian farmers.
This partnership aligns with Nigeria's goal of reducing its dependence on food imports and increasing domestic production of staple crops.
The agreement is expected to positively impact Nigeria's food security, rural development, and poverty reduction efforts.